ETH still has a big downtrend at this stage. When will it be the bottom? Where is the opportunity to buy the bottom?
Ethereum rose to $3,972 after the spot Ethereum exchange-traded fund ETF was approved, but in the past week, compared with Bitcoin and the broader cryptocurrency market
Ethereum performed poorly and fell 10%, which led traders to wonder if the downward trend of altcoins has ended?
Specifically, the price of Bitcoin fell 6% in the same period, while the total market value of cryptocurrencies fell 5.3%. Many market and technical indicators suggest that ETH may experience a deeper adjustment before trying to recover again.
ETH USD daily chart ETH BTC ratio has been on a downward trend in the past week. Ethereum has fallen 10% in the past seven days, underperforming Bitcoin and other top Leu coins
BTC prices have fallen 5.5% in the past week, and ETH The BTC ratio fell 5.21% from 0.055 on June 3 to 0.0513 on June 11, the lowest level since May 20. In addition, in the past 90 days, Ethereum's network activity specific indicators have declined. Glassnode data shows that the daily active addresses on the Ethereum network have dropped from 622,963 on March 20 to 458,400 on June 10, a decrease of 1.2% in the past 48 hours alone. The number of active addresses on Ethereum, although Ethereum is still the most powerful network in the layer 1 field, Solana has recently fallen in terms of activity. has captured market share in this space
According to Dabradar data, the number of NFTs on Ethereum has fallen 9% to 105 million in the past seven days
The Ethereum network lags behind Solana and BNB chains in terms of the total number of EORs. More than 524,000 EORs have interacted with the protocol, down 4.5% in the past seven days. This is far lower than the 2.7 million EORs on Solana, which has increased by 74% in the same time period. The decrease in on-chain activity indicates that the demand for Ether within the ecosystem has weakened, thereby depressing its price. Ethereum faces strong resistance on the upside.
A daily close below this level will indicate that bulls are unable to hold this level
The price is expected to fall to $2,840
This trend means an 18% drop in price from current levels
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