The Ethereum network is currently going through a tough time, with the price of Ether facing significant bearish pressure. Notably, on-chain fees and network deposits have dropped to multiyear lows, indicating a real lack of activity and engagement on the network. This subdued on-chain activity, coupled with the current market sentiment, suggests that the price of ETH remains vulnerable to further decline. It’s going to take a marked improvement in derivatives metrics to turn things around. As it stands, the Ethereum price is likely to continue exhibiting weakness. The $1.8K level is a crucial support zone, and it will be interesting to see how it holds up. The ongoing bearish trend is clear – dwindling on-chain fees and deposits are a major concern. To revitalize the ETH price and propel it towards a more bullish trajectory, stabilization of derivatives metrics is necessary. Until this happens, the Ethereum price will likely remain at risk, susceptible to the whims of the market and the prevailing sentiment among investors and traders. This means that the price of ETH will stay vulnerable to further decline, at least until there’s a significant change in the market sentiment and on-chain activity. The current situation underscores the need for a turnaround in derivatives metrics to boost the ETH price and get it back on track.
Ethereum Price Exhibits Resilience Above $1.8K Amidst Prolonged Bearish Sentiment and Weak On-Chain Metrics
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