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The Ethereum price has been under intense bearish pressure over the past few weeks, continuing in a downward spiral over the last seven-day period. This horrid run of form has persisted despite the recent launch of spot ETH ETFs. According to recent on-chain data, the price of the altcoin seems to be approaching a significant level. This recent price action begs the question — is the Ethereum price in make-or-break season? 1.7 Million Addresses Purchased ETH At $3,000 – Here’s The Relevance In a recent post on the X platform, market intelligence platform IntoTheBlock revealed that the price of Ethereum is currently on its way down to $3,000, which has proven to be a crucial support level in the past. The rationale behind this evaluation revolves around the average cost basis of several ETH investors. Related Reading: ‘Not All Hope Is Lost’: Crypto Analyst Weighs In On The Market’s Performance The above chart highlights the distribution of tokens around the current Ethereum price, according to data from IntoTheBlock. The size of the dots corresponds with the amount of tokens bought within a price range while reflecting the significance and strength of each level. As shown in the chart, there seems to be increased buying activity whenever the ETH price approaches the $2,913 – $3,000 zone, indicating the importance of the price range. Based on recent data from IntoTheBlock, more than 1.7 million addresses acquired ETH tokens in the price region just below $3,000.  Consequently, the level of buying activity has led to the formation of critical support within this price bracket. IntoTheBlock noted in their post on X:  As $ETH dips below, will we witness a surge in demand? Most investors are likely to defend their cost basis by purchasing more tokens should the Ethereum price fall to the $3,000 range. Meanwhile, fresh investors might look to acquire tokens at this level as it has been a historical turnaround point for the price of ETH. On the flip side, if the $3,000 price range fails to hold, then investors might see the “king of altcoins” continue its downturn to as low as $2,800. Considering the relatively lesser strength of this next support, the Ethereum price could fall further down to $2,600. Ethereum Price At A Glance As of this writing, the price of ETH stands at around $2,988, reflecting an almost 7% decline in the last 24 hours. This past-day performance underscores the cryptocurrency’s woes in the past week. According to data from CoinGecko, Ethereum is down by 9% in the last seven days. Related Reading: Bitcoin Down But Not Out: BTC To $700,000 Highly Probable Says Analyst Featured image from iStock, chart from TradingView