Ethereum’s price is losing steam as the trading volume slows down and investor confidence dwindles.
The following is a summary of the information that you will find on this page.
- Ethereum’s price trades at support levels, having fallen by 30% from the high.
- DEX Volumes and TVL are continuing to drop across the Ethereum blockchain.
- Investors’ demand for ETH-based ETFs has weakened, as evidenced by the $107M outflows.
Ethereum traded at $3.448, down a little over 3% from the previous 24 hours. In the last seven days, Ethereum’s price fluctuated between $3,216 to $3,633. It has lost 16% in the past month, and is now 30% lower than its all-time August high of $4946.
Trading has declined. Ethereum’s (ETHThe 24-hour volume of trading fell 12% compared to the day before, indicating a weaker interest in the market. CoinGlass’ data indicates that the derivatives market volume has fallen 7.5%, to $74.95 Billion. Open interest also fell by 3.4%, to $38.74 Billion. After recent market volatility, traders have a tendency to take fewer positions and the activity has slowed.
ETFs report outflows and DeFi activity declines
Ethereum’s numbers on the chain show a slowdown. Data DeFiLlama shows that the monthly volume of decentralized trading dropped from $128 Billion in August, to $103 Billion in September and finally to $99 Billion in October. Total value of locked assets also dropped from $85 billion late in October to $75 billion as we went to press.
Investors are becoming more conservative as a result of the drop in liquid and traded assets. There are 16 million Ethereum addresses still active but less money moves through DeFi platforms. This suggests a weaker market and lower participation.
SoSoValue adds to the stress. data On November 11, 2011, $107.39 millions was taken out of U.S. Ethereum ETFs. On the same day, however, Bitcoin ETFs received $532,000,000, indicating that investors prefer Bitcoin to Ethereum.
BitMine is one of the treasury services that continues to operate. adding ETH in their portfolios. This shows that investors have a positive outlook on Ethereum.
Ethereum technical analysis
The chart of Ethereum presents an overview. cautious image. Image.
Ethereum’s Bollinger Bands are currently at the middle. With resistance between 3,520 and 3700, Ethereum has been trading in the Bollinger Bands. The support is near $3300. This level has often been where buyers have stepped in.
If ETH falls below this level, the next significant support could be around $3150-$3200. On the other hand, a strong move above $3,700 could push the price toward $3,850–$4,000.
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Source: crypto.news
