The crisis of Silicon Valley Bank embarrassed ethereum. Its price fell from $2,130 in mid-April to stall below $1,600. On top of that, the metrics show a lack of interest by ETH. What augurs us possible price drop.
Even the possibility of an ETF based on Ethereum futures did not help the second largest cryptocurrency on the market.
The addresses of ethereum holding a minimum of $1,000 in ETH deposits hit its lowest level in almost six months, according to Coinmetrics. To add insult to injury, the network fee has stayed above $4 for the past six months.
The activity in the DApps or centralized applications also does not show optimism with a 60% decrease in Uniswap. Decreasing active addresses by 4% compared to last month.
Cryptocurrency games, decentralized exchanges, NFT market and Web3 services have also seen decreases in their Active users, according to DappRadar. No project has registered more than 13,000 unique receiving addresses in the last week.
Ethereum: what will happen to the price?
But it is not only the metrics, but also the catalysts for the price recovery. As well as updates that reduce costs and provide greater privacy to the user.
The moving averages of 70 and 200 periods remain above the price, RSI at 36 points and the lines of the MACD remain below the zero level.
The support to medium term It is at 1517.07 dollars, last seen on March 12.
Source: Ambito
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