Ethereum, a leading cryptocurrency, is currently experiencing significant price and volume declines, even as market participants seek to capitalize on the situation.
Current Market Situation
Ethereum, which dominates 11% of the cryptocurrency market, has seen a significant price drop. At the time of writing, Ethereum was trading at $3,070, with a 7.36% intraday decline. Its market capitalization decreased by 7.90% to $369.04 billion.
Market Indicators Analysis
In recent weeks, Ethereum's trading volume ballooned by 123.1%, reaching $28.68 billion. However, Ethereum's price has fallen below the 20, 50, 100, and 200-day exponential moving averages. The daily RSI indicator has decreased to 42, suggesting negative momentum. Meanwhile, a MACD bearish crossover indicates a declining trend.
Ethereum Network Achievements
The Ethereum network achieved notable milestones in 2024. Revenue from gas fees increased by 3% over 2023, totaling $2.41 billion. This underscores the network's stability despite the recent downtrend.
Ethereum continues to face challenges, but analysts and investors anticipate trend shifts ahead due to whale activity and network achievements.
