The Ethereum network has been closely following Bitcoin’s price movements this year, despite having different returns. Recently, Ethereum’s bullish outlook has been reinforced by a golden cross between the 50 and 200 Moving Averages on a weekly timeframe, suggesting a potential rally in the coming weeks. However, the fundamental factors within the on-chain Ethereum ecosystem present a different story. Ethereum, with a market capitalization of over $222 billion, is influenced by both fundamental aspects and the speculative nature of crypto assets. Data from Defilama shows a decline in Ethereum’s total value locked (TVL) throughout the year, currently standing at approximately $26.16 billion. Additionally, Ethereum’s network revenue has been steadily decreasing, indicating a dwindling on-chain activity in the DeFi sector. This decline in network activity coincides with a gloomy global economic outlook, with recession signals flashing red in many economies and concerns about inflation. While technical analysis suggests a potentially bullish future for Ethereum’s price, the fundamental indicators raise concerns about its trajectory amidst these complexities.
Continue reading on Coinpedia.org
By
By
By
By