The prevailing belief is that the coded currency market is in the case of the bull market that started somewhere around the American elections. Although the past few months have not been going well for most encrypted currencies, many analysts believe this just a traditional correction in the broader bull cycle.
But is this true for all digital assets? Let’s check eth.
4 red in a row
The general scene about Ethereum is not all promising. The largest Blockchain POS faces a significant decrease in revenue in terms of fees, while the network itself witnessed a delay in implementing the next large update, Pectra.
In addition, the network activity has decreased to its lowest levels, ultimately increasing the production of ETH and thus raising inflation rates in the distinctive symbol. Something that was supposed to prevent integration.
Whether these reasons are blame or that there is more, the undeniable fact is that ETH has weakened performance in the past year, especially since the beginning of the bull market mentioned above. At that time, the second largest encrypted currency was 2400 dollars. In the following months, it exploded to more than $ 4,000 on occasions, but she could not keep her momentum and stopped there.
It did not fail to draw the highest new level ever, unlike its main rival Solana or even Bitcoin, but the subsequent correction (or the end of the bull market if you want it) pushed it south to the point that it decreased to less than $ 2000. Her crash went further, which prompted him to $ 1,800 so far. This means that ETH may erase all of the post -election gains and more, as it is currently circulating by 25 % of what it was on November 5.
Monthly plans draw a clear and painful picture. After the explosive November, when the ETH was closed with an increase of 47 %, the next four months ended in red. February and March were particularly violent, as it fell monthly by 32 % and 18.7 %, respectively.
As the graph showed by Coinglass, the ETH monthly closure was in red in nine out of 12 months.
What awaits us?
With ETH also the worst quarterly performance since 2018 at the end of the first quarter, the focus now goes to – what is the next? It is clear that making predictions about the future performance of any assets is no less than speculation. However, we can check what history tells us.
While some analysts believe that the current ETHEREUM prices are a gift for long -term holders, the Q2S ETH supports this view, with the exception of one large. The assets recorded gains in all of the quarters except for the second since 2016. In fact, it was on a roll of six consecutive tools until this series reached the end of the screaming in 2022 with a huge decrease of 67 %.
Q2 2023 returned to green, while last year ended with a slight decrease. So, yes, history is not an indication of future prices, but it is certain that the desperate bulls will hope to re-ignite the 2016-2021 series, especially given the triple increase in 2017.
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