The bulls in the cryptocurrency market have exhausted themselves, leading to a possible pullback in Ethereum prices by 10% to 15% before the weekend. The fractals like derivatives, TVL, and DApps usage are not in favor of the bulls. The price has faced resistance at $1920 after a 15% rally, but it dropped back below a major support level. On-chain metrics show a decrease in DApps usage, with ETH gas fees dropping by 60% and average transaction costs decreasing to $3.7. Professional traders have been avoiding bullish bets. Macro-economic conditions and regulatory concerns have also negatively impacted the price. However, whales continue to be bullish on Ethereum, as evidenced by a significant shift from other cryptocurrencies to ETH. One whale recently withdrew a large amount of PEPE tokens for ETH, suggesting potential long-term stability in Ethereum. While a significant move may be expected in the future, a consolidated narrow swing is likely for now.
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