Ethereum price remains in the red for the third consecutive week, trading at $1,758, its lowest level since October 2023.
Current State of Ethereum
Ethereum has experienced a significant decline, losing over 55% from its peak last November. Key reasons for the plunge include outflows from spot Ethereum ETFs and decreasing market share in sectors like stablecoin processing and decentralized exchanges. Tron and layer-2 networks like Base and Arbitrum are capturing a larger share.
A Market of Lost Opportunities
Ethereum is no longer the most profitable entity in the crypto industry, lagging behind networks like Uniswap and Solana. The number of active Ethereum addresses has dropped to 293,000.
Ethereum Price Technical Analysis
Technical analysis shows Ethereum's price continues to fall after forming a triple top at $4,000. The outlook remains bearish with a target level of $1,500. A shift to an upward trend is only possible with a breakthrough of the $2,500 level.
Ethereum's price trajectory suggests further downside is possible, with key support levels at $1,500 and $1,000. Investors remain cautious under such conditions.
