Ethereum price in a very declining downward direction and can approach the level of manufacture or fracture with the survival of its network. ETH in its fifth consecutive in red, and it is now hovering at its lowest level since February 2020. It has decreased by more than 87 % of its highest level ever.
Ethereum vs bitcoin price collapses
The continuous collapse of ETH prices also affected its dominance in the market, which collapsed to the lowest level in years. Worse, for one time, there is a high possibility that XRP passes to become the second largest encrypted currency in the industry. This is because its market value is 191 billion dollars, while XRP has a rating of $ 145 billion.
A closer look at ETHEREUM continuous collapse shows that it started in September 2022 when it carried out the merger. The integration between the proof of the traditional ETHEREUM and the lighthouse chain helped transfer it to a faster and more environmentally environmentally proof.
ETHEREUM has lost its market share against other networks over time. She lost her share against other Layer-1 networks like Solana, BNB Chain, SUI and Aptos. More importantly, she lost her market share against layer 2 networks such as al -Qaeda, Arvi and Optimism. In a note to Invezz, Will Hamory, from Lead Financial: said:
“ETHEREUM is killed by Layer-2 networks on its ecosystem. These chains are much faster, and most importantly, users love them for their low fees. While Ethereum has decreased recently, they are not cheap enough. Time runs out to the network.”
Read more: prediction at ETHEREUM price: Here is the reason that ETH is heading to $ 1500
Spot Etherum Etfs also did not succeed as Wall Street investors remained on the side lines. This money has only $ 5.56 billion of assets after a cumulative flow of only $ 2.34 billion. This is a sign that the Wall Street investors do not care about ETH.
The possible reason for this is that Ethereum ETFS does not allow roaming, which provides a regular monthly boost. Data shows The return of ETH is now more than 8 %. As such, many Ethereum investors prefer to buy and support it on stock exchanges like Coinbase and Binance.
Technical analysis of Ethereum price
The monthly graph shows that the sale of the ETH price started when it formed a double pattern at 0.0850 between 2021 and 2023. I moved below the neckline at 0.04897 in June 2022.
Next, the ETH/BTC pair formed a reverse cup and a handle pattern, a common continuity mark. She also continued to fall and moved to less than the moving average for 50 months.
ETHEREUM is now close to the decisive support level at 0.01623, which is the lowest level in September 2019. It will indicate a lesser step than this level to the negative side, and perhaps to the lowest level ever at 0.0016, which is less than 92 % lower than the current level.
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