Kryptodata

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Data suggests further decline as Ethereum price hits lowest level in 7 months

Data suggests further decline as Ethereum price hits lowest level in 7 months

The price of Ether (ETH) is at risk of trading below a key price support, indicating a bearish outlook for the altcoin’s price. ETH experienced a 7% decline between Oct. 6 and Oct. 12, reaching a seven-month low at $1,520. Investor confidence and interest in Ethereum are waning, as evidenced by multiple metrics such as Google searches for “Ethereum” reaching their lowest point in three years. Additionally, Ethereum’s average seven-day transaction fees have declined to the lowest level in the past 12 months. Regulatory uncertainty, lower staking yield, and decreasing activity in decentralized applications (DApps) contribute to ETH’s price decline. The premium for Ether futures has reached its lowest point in five months, indicating a lack of demand for leveraged long positions. Ethereum’s total value locked (TVL) has also decreased, reflecting diminishing confidence in the DeFi industry. Decreasing activity in leading DApps further supports the reduced demand for ETH. Regulatory concerns and a lack of interest suggest that the likelihood of Ether dropping below $1,500 remains relatively high.

Summary:

– ETH price is at risk of trading below key support

– Investor confidence and interest in Ethereum are waning

– Ethereum’s transaction fees have declined to a 12-month low

– Regulatory uncertainty and lower staking yield contribute to ETH’s price decline

– Decreasing TVL and activity in DApps reflect diminishing confidence in DeFi

– The premium for Ether futures has reached its lowest point in five months

– The likelihood of Ether dropping below $1,500 remains relatively high.

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