Although the market value of Ethereum (ETH) is still rising, its position as the leader in the cryptocurrency world seems to be less stable. It used to be the second largest, but now it has to work hard to keep this position.
You see that the total money bag of the entire cryptocurrency market (excluding those stablecoins) has been getting bigger, but the piece of cake that ETH gets has gradually become smaller. Now ETH accounts for a small proportion of the market, just over 15%, which makes people feel nervous, wondering whether it will continue to move forward or decline. From its peak, the market value was $546 billion, but now it is only $316 billion. It is not so easy to return to the peak.
However, there is also good news. ETH's technical foundation is still very solid. It stands firmly on the weekly "simple moving average", especially the 8-week and 20-week lines, which shows that it is still pushing forward. This is like a reassurance to investors, making everyone feel that ETH may still be slowly recovering. After all, it fell so badly before, and now it has recovered.
In addition, the wealthy "whales" are not idle either. They take advantage of the large price fluctuations to make a lot of money. Some whales buy ETH at a low price and sell it at a high price, making a lot of money. What they do is actually a vote of confidence in the future of ETH.
Let's talk about the consumption of ETH. In the past week, the amount of ETH consumed per day has soared by 163%, which is a good phenomenon. In the past, before the price of ETH increased, the consumption would also increase. In this situation, will the price increase again? Because more ETH is consumed, there will be less goods on the market. If everyone still wants it, then the price will have to go up.
In general, although ETH's current status as the boss is a bit unstable, looking at its technology, the actions of the big guys, and the increase in consumption, we can still look forward to its performance.
