Ethereum becomes immobile after gaining 55.44% from ATH. has fallen

Ethereum is the second largest cryptocurrency by market capitalization. Hence, any movement of it can attract people’s attention. Or in this case the lack of exercise.

Recently, Ethereum co-founder Anthony Di Iorio pulled out of the crypto space, citing security concerns. When he announced the hand washing, he said:

“So many, so much [tiền điện tử] not what the world needs. “

Is he right? And have investors reacted to it? The following numbers can help you answer that.

Ethereum has become motionless

Investors’ expectations of a project are based more than on its network and growth on the value it possesses. At the time of writing, ETH price has fallen 55.44% since the ATH in May and is trading at $ 1,870. The trading volume of altcoins also decreased with the price. While some late June peaks were viewed as positive, the volume fell back below $ 6 billion shortly thereafter.

At the moment, even this altcoin is struggling to reach a daily trading volume of $ 5 billion, which is not a good sign for ETH.

Real ETH trading volume | Source: Messari

This can be supported by the indicator net remittance in / out of exchanges, which tends towards outflow. In addition, the aggregated liquidity on the exchanges shows that ETH supports higher sales liquidity.

Ethereum synthetic liquidity | Source: Crookedness

In the course of 2021, the transaction speed (speed) of Ethereum will not fluctuate much. Simply put, chaotic transaction speeds aren’t the best for market growth. There was a slight shift around the May ATH level before the indicator became stable again. While this is not a bearish indication, it does show that the momentum at ETH has stalled.

The speed of Ethereum | Source: Glass knot

Anything else?

Active addresses were at a 3-month low. Above the 30-day SMA, the indicator fell to the March low, which means that trading volume has also fallen, currently at the same position in February. This is a 5 month low as activity on the Ethereum network is pretty low and decreasing. Nevertheless, the social volume fell to a 4-month low and shows that ETH is becoming less attractive for investors.

Ethereum social volume | Source: Mood

However, with the upcoming London hard fork, that landscape may change a bit. Ethereum co-founder Joseph Lubin believes the demand for ETH will grow exponentially after the August 4th hard fork. This hard fork will turn Ethereum into a deflationary asset and is expected to increase its price significantly.

Only time will tell what will happen, but for now Ethereum will likely keep its dormant state.

Nothing

According to Ambcrypto

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