- The crypto market capitalization has been slashed by 2.5 percent.
- Ethereum has been fighting against the prevailing headwinds of the network’s flaws.
Price gains made during the current rebound surge have already been erased by half for Ethereum (ETH). The coin price fell to $2600 after five straight red days on the coin chart. The final line of defence against sellers dragging the currency down to January’s low support is around $2200, doubting whether bear control continues or bulls come in at the last minute.
The bears have viciously attacked the world of digital currencies, which has lowered the price action of the industry. Fear has gripped the industry, with the fear index dipping greatly. Thus, the crypto market capitalization has been slashed by 2.5 percent to $1.87 trillion in value.
ETH Under Pressure From Investors
After the volatility, Bitcoin and other cryptocurrencies have been slowed down to some degree. For those interested in an alternative to Bitcoin, Ethereum continues to sail over the harsh seas. On the other hand, popular analyst Maximalists have great expectations that Ethereum will become deflationary by the third quarter.
Ethereum has been fighting against the prevailing headwinds of the network’s flaws and the turbulence in the market. It’s having a negative effect on the protocol’s pricing trend and on-chain analytics. According to around 280,000, ETH may have been delivered to exchanges in the last week. This suggests that ETH is under pressure from investors.
ETH/USDT: Source: TradingView
Ethereum’s supply peaked at an all-time high of 21,128,494.287 ETH in the previous 3y-5y (1D MA) period, according to reports. A three-month high of $14,676,761.744 ETH was recorded on exchanges. There was a one-month low of 4,149,268,421.655 ETH on the network for 7D MA. In light of this, the network has seen a drop in inactivity.