đEther (ETH) has been the underdog this week, dropping 10% and making Bitcoin (BTC) look like a champ with only a 6% fall. đ€Is ETH's downtrend over? The crystal ball is a bit foggy. ETH might need to take a deeper dive before it can swim back up. đââïž
The ETH/BTC ratio has been on a downward slope too. But hey, every cloud has a silver lining, right? đ
A few factors are playing spoil-sport for ETH, including the success of U.S. spot Bitcoin ETFs and market corrections affecting all crypto prices. Plus, Ethereum's network activity has seen a slump, with daily active addresses dropping from 622,963 to 458,400 in the last 90 days. đ
Despite these hiccups, Ethereum remains the big fish in the layer 1 sector. However, Solana is slowly eating into its market share. đ
ETH is facing a tough resistance around the $3,500 mark. If the sellers get too active, ETH's price might take a further dip. đ
So, what's your take on this? Is ETH going to bounce back or continue its downward journey? Let's discuss in the comments! đ