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ETH Price at Risk of Trading Below Key Support as Bearish Outlook Persists
- Ethereum (ETH) price has experienced a 7% decline, reaching a seven-month low at $1,520.
- Investor confidence and interest in Ethereum are waning, as indicated by multiple metrics.
- Google searches for “Ethereum” have reached their lowest point in three years.
- Ethereum’s average seven-day transaction fees have declined to the lowest level in the past 12 months.
- Remarks made by Cardano founder Charles Hoskinson regarding the SEC’s classification of Ether as a non-security asset have impacted its price.
- Ethereum staking yield has decreased, and there has been an increase in ETH supply due to reduced activity in the burn mechanism.
- Regulatory concerns have escalated, with the French Central Bank highlighting risks in decentralized finance (DeFi).
- The premium for Ether futures has reached its lowest point in five months, indicating a lack of demand for leveraged long positions.
- Ethereum’s total value locked (TVL) has decreased, reflecting diminishing confidence in the DeFi industry.
- Decreasing activity in ecosystem DApps, including decentralized exchanges and NFT marketplaces, further indicates reduced demand.
- The likelihood of Ether dropping below $1,500 remains relatively high considering these factors.