The atherium price has declined by three consecutive days, making the death cross pattern and declined to $ 1,500.
Ethereum (Eth) fell to $ 2,430 on Wednesday, which was more than 40% of its highest level in November. The coin has dropped bitcoin (BTC) and other major altcoins and has slowed down as exchange-traded fund inflows and challenges within the ecosystem.
data from Toolminal Shows that the fee generated by the atherium continues to decline in recent months. The network earned $ 9.8 million last week, much lower than the previous year’s weekly high 217 million dollars. Networks like Tron (TRX), Jito (JTO), Solana (SOL), and Uniswap (Uni) have crossed the Etreum in fee production this year.
The condition of the atherium in decentralized finance has also weakened, the total value has fallen by 12.5% to $ 54.32 billion in the last 30 days. It remains the biggest player in the region, with Stabelcoin Market Capitalization to $ 121 billion.
The Etharium has also lost market share in its layer -2 network, including Aadhaar, arbitration and optimism, which now processes adequate transactions versions. For example, the base over of coinbase more than over $ 7.4 billion In the last seven days, cryptocurrency volume, while Arbitrum recorded $ 5.7 billion. Previously, this volume would have been processed on Ethereum.
Ethereum value can crashed up to $ 1,500
The daily chart suggests that the atherium has created a series of lower climb and lower height in recent weeks. The price has fallen by $ 4,000 in November, which forms a Death Cross Pattern as 200-day and 50-day moving average interaction.
Worse, ethereum 61.8% Fibonacci has fallen below the retracement level, an area where most pullbacks are usually occurred. It has also gone below the oversold level of the indicator of Murray Math lines.
Consequently, there is a risk that the atherium will fall about 35% since October 2023, marking its lowest price. in August.
