• Ethereum was unable to reclaim $3.4k as support during the most recent try.
• The liquidations data showed that price is poised for a move below $3k soon.

The Ethereum [ETH] leadership has faced criticism, specifically inefficiencies and a lack of direction.

In an informal poll, 97% of 335 voters holding 51,198 ETH supported Danny Ryan, a former researcher, to lead the Ethereum Foundation.

Vitalik Buterin has clarified that he is the sole decision maker for the EF leadership changes.

Analysis of long-term on-chain metrics showed that long-term holders were confident in ETH, with only moderate profit-taking seen from the LTH NUPL metric.

This was not enough to halt the steady downtrend of the altcoin king in recent weeks.

Ethereum bulls falter at $3,400 once again

In June and July of 2024, the $3.4k-$3.5k acted as a support zone for ETH before it was flipped to resistance. The rally in November saw this area tested and a pullback ensue.

In the months since then, this region has been of vital importance.

A rally beyond $3.5k in January was quickly reversed, and the price action has formed lower highs and lower lows since then.

The quick gains on the 30th and 31st of January saw short-term gains across the altcoin market, but they were short-lived.

The daily RSI concurred with the bearish structure, with a reading below 50. Also, the OBV was hovering around a support level from November and December.

The volume indicator was evidence for the weakness of the buyers.