Etherum Price crashed this year, as its standards fell on the chain and the external flows circulated in ETF (ETF) increased. ETH has crashed in the past two weeks in a row, homing at its lowest level since December 2023. Let’s explore the reason for the continued decrease in the value of Ethereum in the short term.
Ethereum price has weak techniques
The weekly graph shows that the currency has been in a strong declining direction in the past few months. The triple graph style formed at about $ 4,050. This style consists of three dual peaks and neckline, which in this case is $ 2,153. It is one of the most drop in the market.
Ethereum price moved to the neckline at $ 2153, which means that it may have a strong landmark soon. The depth of this pattern is about 46 %, which means that a similar collision of the neckline is $ 1,142, which is less than 45 % less than the current level.
The ETHEREUM price also decreased to less than the level of Fibonacci tradition by 50 % at $ 2,475. It has also moved to less than 50 weeks and 100 weeks (EMA).
In addition, the RSI and MACD indicators indicated. Therefore, the currency is likely to continue to decrease in the coming months, with the initial goal of watching $ 1500. This upscale opinion will become invalid if the currency is 38.2 % of the decline at 3000 dollars.
Eth Price scheme Source: TradingView
Eth etf external flows
Moreover, Ethereum Price crashed due to the decline in demand between Wall Street investors. Modern data shows that all traded investment funds have accumulated more than $ 2.7 billion of assets since their approvals. On the other hand, the Bitcoin Spot investment funds accumulated more than $ 40 billion in assets.
Ethereum Atfs has partially struggled due to the cost of an alternative opportunity to keep the coin against the circulating investment boxes. The ETHEREUM contract itself is more profitable than the investment funds circulating because of its advantages. The data indicates that Ethereum has the maximum exciting market for more than 72.8 billion dollars, which is much higher than the total assets in traded investment funds, which amount to $ 7.7 billion.
Data by Sosovalue It appears that the Investment Funds in Spot Ethereum have been eliminating assets in the past few weeks. He threw more than 23 million dollars on Friday, after losing $ 35 million and $ 63 in the past two days. In all, the Spot Etherum investment funds have thrown more than $ 455 million in the past two weeks.
Ethereum network fees have been connected
Moreover, Ethereum no longer earned a lot of money it was in the past. I made 206 million dollars This year, which makes it the third most profitable class network after TON and Solana, which achieved more than $ 593 million and $ 346 million, respectively.
Ethereum was the most profitable Blockchain network in the encryption industry and has now been overlooked. One of the main reasons for this is that Ethereum has been overlooked by TON in terms of stablecoin transactions. Tron regularly treats more than $ 60 billion from Stablecoins every day, higher than ETHEREUM due to its high fees.
Ethereum has also lost its market share against other chains such as Solana, Irbia, and Al Qaeda. Data shows that the Ethereum network was dealt with 81 billion dollars In the last 30 days, less than Solana $ 92 billion. Ethereum Layer-2 networks, such as arbitrary and al-Qaeda, dealt with 24 billion dollars and $ 30 billion.
Therefore, all these factors, along with weak standards on the chain, mean that the distinctive symbol will struggle to get its share in the market in the coming months.
Read more: prediction at ETHEREUM price march: Is a 50 % decrease possible?
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