The aggregate crypto markets have been under significant downward pressure in recent days as Bitcoin has not climbed above $ 9,000. Ethereum has therefore faced considerable selling pressure – which has resulted in the price falling sharply from its recent highs.
Despite this decline, it is important to note that, according to current data, ETH has tremendous fundamental power that could ultimately enable it to rise higher.
Ethereum finds support at around $ 250
At the time of writing, Ethereum is trading at $ 258, nearly 8% lower, well below its 24-hour highs of just under $ 290.
Although Ethereum has now recovered slightly from these lows and is now expressing some stability at the current price level, it is important to note that many analysts believe that ETH could face further downward pressure in the near future.
Popular crypto-trader DonAlt recently tweeted a bearish sentiment towards ETH and commented that he believes Vitalik Buterin’s cryptocurrency could fall as low as $ 200 before finding significant support.
It is unclear whether ETH is really recovering from its recent lows, but at least it is very likely that the further course will depend, at least in part, on how Bitcoin will trade in the near future.
ETH still has solid foundations
Binance Research, the research and analysis activity of the popular cryptocurrency exchange Binance, has recently outlined several key Ethereum data points from a fundamental perspective and found that the ETH chain is experiencing a massive increase in active addresses and on-chain transactions.
“A quick look into the Ethereum $ ETH chain. Active addresses that reach a 10-month high. Daily on-chain transactions with a 12-month high. Market capitalization is approaching the 8-month high. Can ETH return to its former glory? “Explains the branch of the Börsein a current tweet.
Although Ethereum’s short-term pricing policy is likely related to Bitcoin, improving fundamentals signal that markets are recovering from both a price and a fundamental standpoint – and that could mean that further price gains are imminent.
Categories: Crypto Currency