Ethereum's journey to reclaiming the $2000 mark stalls despite a 6.4% increase from its $1768 recent low.
Current Market Analysis for Ether
Ether's price saw a rise of 6.4% from the $1768 low on March 30 but failed to reach $2000. This is partly attributed by traders to the deflating memecoin market, which has reduced activity within decentralized applications (DApps). Being 44% down year-to-date, Ether is struggling to recover, evidenced by futures premiums rising to 4% from 2% on March 31.
Ethereum Adoption Statistics
Even with a 49% drop in Ethereum DApps revenue from January to March, stablecoin holdings on Ethereum are near an all-time high of $124.5 billion, and the total value locked (TVL) in Ethereum stands at $49 billion, highlighting its potential for new use cases.
Market Expectations and Outlook for ETH
Despite declines in memecoin and NFT market activity, with ETH funding rates remaining neutral since March 31, retail traders show little enthusiasm.
While derivative data does not necessarily suggest further ETH price declines, overall sentiment can shift quickly.
