Ethereum's price has sharply declined to around $3,300 after peaking near $4,100, driven by macroeconomic uncertainties and bearish sentiment in the cryptocurrency market. Concerns over a potential U.S. government shutdown and recession fears in New Zealand have led to increased selling pressure, as traders exhibit risk-averse behavior.On-chain metrics reveal a rise in inflows to exchanges, indicating a trend of traders offloading their holdings, while the Net Unrealized Profit/Loss metric shows a contraction in unrealized profits, suggesting growing capitulation among market participants. This environment of declining open interest in the futures market further underscores a lack of confidence in a price recovery.
