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- 1 Ethereum staking has seen a drop of $3 Billion in the past few months.
- 2 ETH price is currently in a consolidated trend on the daily chart. It has seen a gain of 0.38% in the intraday session.
Ethereum is one of the largest cryptocurrency with a market cap of $208 Billion. It is also the pioneer in smart contracts with an increasing number of projects on the platform. The shift of Ethereum from PoW to PoS and Shanghai Fork is one of the major milestones of the project. The world’s second largest cryptocurrency is also dominating the NFT and Defi sector. Ethereum has a TVL of $24.1 Billion and has been observing a decline for the past few months.
Ethereum has been currently observing a revenue of $1.5 to $2.25 Million on a daily basis. Meanwhile, as per defilama the active users of the crypto are not seeing any significant changes. The cumulative smart contracts on the defi platform has reached to 60 Million which is rising exponentially. The number of Ethereum deposits have also observed a decline from the start of June 2023.
Ethereum has been seeing a decline in the bullish sentiments from the past few months as per lunar crush. Meanwhile, ETH has observed a surge of 55% in the trading volume. The V/M ratio of the ETH suggests a consolidated trend in price.
Is ETH Price Ready For $2000?
Ethereum is currently seeing a weak bearish trend on the weekly technical chart. Meanwhile it has been moving in a consolidated trend on the daily chart. ETH price is currently trading near the value of $1733 with a small drop in the intraday session.The upside trend of ETH price can see a halt near the value of $1800.Meanwhile, the support of the asset price can be seen near $1650. ETH price is currently below the 50 and 100 Daily Moving Average. There is a negative crossover in the DMA which may push the price down. As per fibonacci series, ETH is showing resistance on moving above 0.8fib
MACD of the ETH token suggests a weak bullish trend in price. The BARS and signal lines of the indicators point toward a downside momentum.
Summary
Ethereum is observing a decline in the overall TVL from the past few months. ETH price is currently in a consolidated trend and can see a new low in the future.
Technical Levels
Major Support:$1600
Major Resistance:$1800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
