The recent situation of Ethereum seems to be not very good, similar to our "Top One" Bitcoin (BTC). It has been on a downward trend in the past week, so let's talk about why Ethereum (ETH) has not been able to break through? What is the reason behind it? Let's continue to take a look~Latest news from ETH:Latest news from EthereumAt present, the Ethereum (ETH) token has increased by -1
The recent situation of Ethereum seems to be not very good, similar to our "Top One" Bitcoin (BTC). It has been on a downward trend in the past week, so let's talk about why Ethereum (ETH) has not been able to break through? What is the reason behind it? Let's continue to take a look~
Latest news from ETH:
Latest news from Ethereum
At present, the Ethereum (ETH) token has increased by -1.30% in 24 hours, with a transaction volume of 2.3739 million and a transaction volume of 26.604 billion in 24 hours~
However, the latest news from Bitcoin is that it has increased by -1.89% in 24 hours, with a trading volume of 279800 and a trading volume of 54.191 billion.
Latest news from Bitcoin
At this glance, these two tokens have been engaged in an internal struggle before, but now they can be considered to be in the same boat!
Okay, let's get back to business now! Continue to elaborate on why Ethereum (ETH) cannot break through? There are two reasons for this:
Ethereum (ETH) Network Activity Decline:
But Ethereum fans! Your online activity is declining, is this your "dilemma"? But I said, this is not necessarily a new 'opportunity'!
As of 2023, your TVL has decreased from 18.41 million ETH to 12.79 million ETH, which is quite a bit. JPMorgan analysts are also starting to tell you that the reduced availability of funds has led to a decrease in participant returns.
While TVL is decreasing, your gas costs are also decreasing. This doesn't mean you're starting to be frugal, it's just an embarrassment, right?
Data from DappRadar shows that in the past 30 days, your NFT count and activity have also decreased by 30% and 16.5%, respectively. This includes a decrease in key indicators for some popular applications, such as UniswapV2, 1inchNetwork, Lido, etc.
2. Ethereum (ETH) depicts the fractal of bear market cycles
Do you know that Ethereum (ETH) seems to be playing hide and seek with us, trying to break through the $2000 mark in 2023, but it backfired, just like in 2018-2019, where we were disappointed around $425. However, we still need to remain optimistic as the Ethereum is in the recovery phase and we should closely monitor the Fibonacci line of 0.236 on the Fibonacci pullback chart.
From 2018 to 2019, the 0.236Fib line was around $425, feeling like Ethereum was climbing stairs and then sliding down again. In 2023, the line will approach $2000, and it seems like a roller coaster is about to start downhill.
But don't worry, this is just the normal fluctuation of Ethereum prices in a bear market cycle, just like the fractal in mathematics, where every drop is for better rebound. So, let's wait and see, the price of Ethereum will always find its destination.
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