BEARISH 📉 : Ethereum Faces Critical Support Test Amid Transaction Fee Decline

Ethereum is currently testing a dense supply cluster around the $2,750 level, a key area on its Cost Basis Distribution (CBD) heatmap.
This zone has acted as a support barrier multiple times since Ethereum's bottom in November, with investors likely accumulating more to defend their break-even levels.
A recent retest of this zone has held so far, but its future stability remains uncertain. A breakdown could lead to thinner support where underwater supply might derisk.
The $2,750 cluster is a significant support/resistance area, but not unbreachable. The next price move hinges on this level.
Ethereum has also seen a decline in transaction fees, reaching the lowest level since May 2017, suggesting decreased network activity.
As of now, Ethereum is trading at approximately $2,950, down 1.5% over the last week.