The price of Ethereum fell on Boxing Day, as gains from the Santa Claus rally have been erased.
EthereumETHThe price of the token () dropped to $3,340. This is a drop of over 5,6% from this week’s highest point. The crypto market was awash in red as the total value of coins fell to $3.29million.
Ethereum suffered a crash in low-volume market conditions as many traders stayed away during Christmas holidays. CoinGecko shows the volume for 24 hours was $17.5 Billion, down from 24.4 billion dollars a day before. This was its lowest level in over a week.
Ethereum’s Futures Open Interest also dropped, dropping from the high this month of $28 Billion to $26 Billion. A falling open interest can be a sign that futures traders are losing demand.
There are still some signs of optimism in the Ethereum Market. Data from DeFi Llama The total value of the DeFi ecosystem has increased by 5.50% in the past 30 days. In that time, Tron and Solana’s TVL dropped more than 3%.
Over the past couple of months, there has been a steady increase in active addresses. From a low of 0.37 percent in October, it has now risen to 0.57% – its highest level since last August. This data is important because it shows the balances of balances and active addresses. The total number of active Ethereum addresses has risen to more than 927,000.
Technical data show that Ethereum’s market value to realized value score increased by 2.35 percent in the past 24 hours, to 1.64. This number is used to determine whether an asset’s value is too high or low. The An Overview MVRVA figure If the value is less than 3,8, then it indicates that an asset’s relative undervalued.
Ethereum Price Analysis
Daily chart of ETH shows a pattern with a tiny double top at $4,095 followed by a sharp bearish breakout. It bounced off and then retested its neckline, which was $3,500. That’s the lowest swing it had on December 3rd.
ETH created a candlestick-like pattern with a smaller size on Christmas Day. Dojis are usually bearish signs with a large body, long upper and lower shadows. Ethereum’s chart has formed a similar bearish-flag pattern.
This coin will most likely experience a downward breakout to reach $3,000, a 10% drop from its current value.
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Source: crypto.news
