Ethereum encountered massive selling momentum after the merge, and some analysts believe the event’s after-effect welcomed the downbeat mood. Nevertheless, can the ETH decline trigger the chances of traders buying the leading altcoin at a discount?
Will Ethereum Reclaim Some Interest?
Despite the post-merge event, the decline in coin issuance might trigger surges in ETH prices. That might depend on the token’s demand – whether it decreases or increases in the future.
Moreover, Ethereum still dominated a massive portion of the cryptocurrency spectrum, regardless of the witnessed volatility. The leading altcoin is here to stay, with over 50% of the decentralized finance (DeFi) sector running on the Ethereum blockchain.
On a positive front, the network fees saw Ethereum improving its revenue. While writing this news, the metric hovered at $4.8 billion.
Thus, Ethereum outperformed its rivals by a massive margin. However, that is not all. ETH’s exchange reserves also declined, indicating low selling pressure.
ETH’s price action within the previous few days might mean discounted deals for some market participants. Also, the past few weeks saw a surge in development activity.
That shows the ETH team has constantly worked on enhancing ETH’s technology. Though these factors printed a positive outlook for the altcoin’s future, ETH’s near-term appeared bearish.
Proceed with Care
The MVRV (Market Value-Realized Value) ratio maintained downsides within the last month. That shows a massively pessimistic future for Ethereum prices. Also, ETH’s market capitalization dwindles with the token’s volatility.
Ethereum’s velocity recorded a colossal plunge within the past few days. That shows a drastic fall in the number of times Ethereum exchanges wallets.
While publishing this post, Ethereum changed hands at $1,343.17, gaining around 4% within the previous day. The gains came after the market saw improved actions overnight.
Meanwhile, the global cryptocurrency market capitalization remained well below $1 trillion, gaining 3.14% over the past day.
The market remained green during this publication, with Bitcoin enjoying its 3.87% 24hr peak at $19,533. The market volume declined by 11.96% (within the timeframe) to $81.96 billion.
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