Ethereum’s price collapse continued this week with a strong downward trend, reaching its lowest price since June 23 as the cryptocurrency market’s sell-off accelerates.
summary
- Ethereum price continued its strong downward trend this week.
- The number of transactions and active users on the network have skyrocketed over the past 30 days.
- According to technical analysis, $ETH In the short term, prices have room for further decline.
Ethereum ($ETH) token fell to a low of $2,180, down more than 54% from its highest since August last year. With this exit, its market value reached more than $274 billion.
Ethereum has crashed despite the network and ecosystem continuing to boom as companies such as Fidelity, JPMorgan, and Janus Henderson adopt the Ethereum network for their tokenized assets.
The data compiled by Nansen shows that the Ethereum network is firing on all cylinders. For example, the number of active addresses has increased by 45% in the past 30 days to over 15 million.
According to another metric, the number of transactions increased by 40% in the past 30 days to more than 68 million, reaching the highest level in years.
Ethereum transactions surge | Source: Nansen
This growth has increased chain fees by 40% over the past 30 days to more than $15 million. This growth occurred even as Ethereum transaction fees have continued to fall over the past few months.
You may also like: CBOE eyes relaunch of binary options to rival Polymarket prediction market
Further data shows that the Ethereum decentralized exchange network continues to rise in January, and this trend is likely to continue in the coming weeks. The company’s DEX network grew from $49 billion last December to more than $52.8 billion in January. The most notable DEX networks are Uniswap, Curve Finance, Fluid, and Balancer.
Most importantly, Ethereum has become a major player in the real-world asset tokenization industry, with its decentralized asset value increasing by 15% in the past 30 days to over $14.4 billion. Its stablecoin market capitalization has risen to more than $165 billion.
Ethereum price technical analysis
$ETH Price list |Source: crypto.news
The daily timeframe chart shows: $ETH Over the past few weeks, prices have been in a strong downward trend. It recently crashed after forming a bearish flag pattern consisting of a vertical line and an ascending channel.
Ethereum price fell below the 61.8% Fibonacci retracement level at $2,753. It fell below the 50-day moving average and the super trend indicator.
$ETH It is forming a bearish pennant pattern, which is a common continuation pattern in technical analysis. The super trend indicator also fell below.
Therefore, the most likely Ethereum price prediction is bearish, with the next key support level at $2,000.
read more: Bitcoin Price Prediction: How far can BTC fall in the first week of February?
