Ethereum (ETH) has been experiencing a downtrend since reaching over $2,000 in July, following the legal win by Ripple Labs against the SEC. The altcoin is as of now currently worth $2,030, 20% below its recent high. On-chain metrics and the technical setup suggest that further losses could be in store. The Cryptocurrency Fear and Greed index is in the “Fear” zone, indicating investor worries and probable selling to minimize losses. The total value locked on the Ethereum (ETH) network has dropped, along with the number of addresses holding a minimum of $1,000 in Ethereum (ETH). In addition, transaction fees on the network remain high, pushing investors and developers towards cheaper alternatives. Nonetheless, whales have been accumulating more Ethereum (ETH) at low prices. The Ethereum (ETH) price is showing a descending triangle chart pattern, with a probable target of $1,471, representing a 10% decline. The negative outlook is supported by moving averages and the downward movement of the RSI. To stage a recovery, Ethereum (ETH) needs to rise over key resistance levels. Given the bearish outlook for Ethereum (ETH), investors may consider alternative tokens such as Wall Street Memes (WSM), which has secured listings on major exchanges and has a solid roadmap.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.