Ethereum struggles to reach $3,000 as market uncertainty lingers

Ethereum (CRYPTO:ETH) is currently grappling with significant resistance at $2,681, which is preventing it from making a decisive move toward the $3,000 mark. 

As of now, Ethereum's price hovers around $2,651, struggling to break through this critical level due to growing market doubts and hesitant investor sentiment.

Investor confidence in Ethereum seems to be weakening, as indicated by the Net Unrealized Profit/Loss (NUPL) indicator, which recently came close to slipping into the Fear zone. 

This shift toward the Fear zone suggests that investors are becoming increasingly cautious, with rising concerns about potential price reversals. 

The NUPL, which measures overall market sentiment, shows that optimism is declining, increasing the likelihood of further price declines if investor sentiment does not improve.

Additionally, Ethereum's funding rate has shown instability over the past two weeks, fluctuating between positive and negative. 

This inconsistency reflects uncertainty among traders, who remain unsure about Ethereum's short-term prospects. 

In addition, the combination of a volatile funding rate and the NUPL indicator nearing the Fear zone underscores growing unease in the market, which could continue to hinder Ethereum's price recovery.

Despite these challenges, there remains a possibility for Ethereum to break out of its current consolidation phase. 

If ETH manages to close above the resistance level at $2,681, it could spark a rally toward $2,930, potentially leading to a test of the $3,000 level. 

However, ongoing market uncertainty suggests that any significant upward movement may be difficult to sustain unless investor sentiment improves.