Ethereum Bears Target $1,800 ETH Price: Here Is Why
Ethereum faces bearish pressure, with indicators suggesting a potential drop to $1,800 due to declining network activity and ETF outflows.Summary
Ethereum's (ETH) price has fallen below $2,300, with multiple indicators pointing towards a potential drop below $2,000 and a target of $1,800. Key factors contributing to this bearish outlook include declining network activity, evidenced by a 10% drop in weekly transactions and an 8% decrease in active addresses, leading to a 47% reduction in onchain revenue. The total value locked in DeFi protocols has also hit 12-month lows. Furthermore, a significant surge in ETH unstaking requests, driven by recent DeFi hacks and investor caution, has increased selling pressure. The negative Coinbase Premium and substantial outflows from US-based spot Ethereum ETFs reinforce the idea of strong US-driven sell pressure. Technical analysis also suggests a breakdown of a rising wedge pattern, with the $1,830 level identified as a potential target if key support at $2,000 is breached.
(Source：Cointelegraph)