The Ethereum community sees a surge in pessimism.
Glassnode tweeted a pair of indicators indicating Ethereum’s impending volatility.
Because it fails to recoup its losses from the first quarter of this year, Ethereum’s growth seems to have halted. However, ETH was still performing well until the end of April, when it lost necessary support that might have helped it bounce back towards $3,200 while it was still edging near $3,000.
It corresponds with the 23.6 percent Fibonacci mark of $2,815, which ETH tested 48 hours earlier but failed to close above. After a further 8.4% drop, the price was trading at $2,586 at the time of this writing.
Uncertainty Around Ethereum Merger
Ethereum has resurfaced in the headlines only a day after its price fell by 7%, along with most other major cryptocurrencies. As a result, investors are becoming more concerned about its short-term forecast based on various data sets.
Glassnode tweeted a pair of indicators indicating Ethereum’s impending volatility. Because of the uncertainty around ‘Merge,’ the Ethereum community sees a surge in pessimism. A roadmap has now been released by the Ethereum Foundation to secure some community support.
The market value of the Ethereum ETH network has fallen from its peak point of 575.89B USD on 01 November ’21 to 258.07B USD on January ’22 and is presently at 347.70B USD. Ethereum’s NFT (non-fungible token) and DeFi market share are being eroded by the Solana (SOL) blockchain because of network congestion and expensive gas prices.
Ethereum (ETH) holders believe that the network’s move to a proof-of-stake blockchain will be a success, and they’ve put up more than $10M in the Ethereum 2.0 Staking Contract since November 2020 to prove it.