It’s been almost a hundred days since the Ethereum sujungimas took place, which allowed the blockchain to bring down its energy consumption by almost 99%. And, although a short ETH price rally was observed following that, the upward trend was soon cut off by the FTX collapse and weak technical indicators. A recent price analysis further shows that, there can be more pain left for Ethereum (ETH) in the coming days of 2023.
Ethereum (ETH) Price Drop?
Pagal duomenys obtained from CryptoQuant, the Transaction Count metric (30-day EMA) has been continually in a downtrend since May 2021 and has recently marked a new low. In general, bearish stages of the market are typically followed by much-decreased activity from the market players, which results in a lower transaction count metric.
In addition, as can be seen in the chart, each abrupt downward trend in the Transaction Count metric was accompanied by a substantial price drop. This remained the case throughout Ethereum historically. The metric has recently suffered a large drop, which may indicate that there has been a lack of activity. As a result, there is a high possibility that the price may soon see another significant drop to the key support level of $1000.
ETH Reserves On Decline
The Ethereum Exchange Reserve on-chain rodiklis also reveals that the ETH reserves on centralizuoti mainai have decreased by more than 30%. As a result, investors are growing their positions and further decreasing price activity.
Plačiau paskaitykite čia: Štai kiek bus verta jūsų 1000 USD investicija į „Ethereum Classic“, jei ETC pasieks 100 USD
Currently, Ethereum is trading at $1,215 with a gain of 4% in the past seven days, as per crypto market tracker CoinMarketCap. Even though the crypto community is seeking a relief rally leading up to the new year, there has been almost no change in the prices. Multiple analysts are of the opinion that the Ethereum (ETH) price will continue to fall further.
Plačiau paskaitykite čia: Is Ripple’s XRP Eyeing Top 3 Spot After Overtaking BUSD In Market Capitalization?
Pateiktame turinyje gali būti asmeninė autoriaus nuomonė ir jis priklauso nuo rinkos sąlygų. Prieš investuodami į kriptovaliutas, atlikite rinkos tyrimus. Autorius ar leidinys neprisiima jokios atsakomybės už jūsų asmeninius finansinius nuostolius.
Source: https://coingape.com/will-ethereum-eth-price-plummet-to-1000-in-early-2023/