Ethereum struggles to reach $3,000 amid selling pressure

Ethereum (CRYPTO:ETH) may face difficulty reaching the $3,000 mark in October due to several market challenges, according to recent data. 

Despite optimism surrounding the cryptocurrency’s potential during the month, various factors indicate that ETH could struggle to hit this price level.

One of the major hurdles is the rising selling pressure, particularly from U.S. investors. 

The Coinbase Premium Gap, a metric that tracks investor behavior in the U.S., recently fell to -1.41, signaling increased selling. 

This drop suggests that U.S. investors have slowed their buying activity, a trend that contrasts with earlier enthusiasm when ETH was trading at $2,694.

In addition to the Coinbase Premium Gap, data from Glassnode shows a sharp rise in the amount of Ethereum moving into exchanges. 

On October 6, the inflow was 78,127 ETH, but it surged to 268,956 ETH within five days. 

This threefold increase suggests that more ETH holders are opting to sell, indicating a loss of confidence in the cryptocurrency’s short-term potential.

At press time, the Ethereum price was $2,380.34.