Ethereum’s price has risen 6% over the last 24 hours to $2,300 despite a weakening of decentralized finance metrics.
The following is a list of data Ethereum, which was launched in February (ETHThe total amount of value that was locked in has fallen to $50 billion, down from $71 billion at the peak reached by January. Decentralized exchange volumes are also declining, as more capital moves into other ecosystems like layer 2s or Solana.SOL). DEX volumes fell by 11% from $92 billion to $82 million in February.
Ethereum network fees on the other had decreased, from $142 million to $46 million, showing a drop in demand. Pectra, the upcoming cryptocurrency upgradeThis could be an immediate catalyst.
It is not yet clear if the upgrades are enough to reverse the declining DeFi activities. Technical issues and delays may also slow the pace of ETH’s growth, keeping it within its range.
Technically, Ethereum continues to trade below $2,846 as the critical resistance. Bollinger Bands that have been squeezed may indicate a breakout. A relative strength index of 41.40 suggests modest momentum. However, a rise above 50 could confirm bullish strength.
The low volume of trading suggests that buyers are hesitant despite a price increase. ETH must push through resistance in order to maintain gains. Otherwise, it will experience another drop. If $2,846 is decisively broken, it may lead to $2,946, but if current levels are not held, they could be retested at $2200.
Despite the mixed sentiment, there is still a lot of interest in the White House Crypto Summit set for March. 7. Donald Trump, the U.S. Presidency Donald Trump recently proposed that a crypto strategic national organization be formed. reserveEthereum is one cryptocurrency.
Analysts warn that although some may see this as an indication of a potential reversal in the future, if there isn’t enough clarification on regulatory issues, it could lead to a deterioration. summit Can become a “sell-the-news” The event can lead to additional downturns.
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Source: crypto.news
