CandleFocus 10X Research Reveals Reasons Why Ethereum (ETH) May Have Lost its Appeal
2024-10-28
Author: Content Editor
Ethereum has experienced a decline in demand, leading to a reduction in the Ether burn rate and an increase in its circulating supply, putting downward pressure on its price. The decline in blockchain activity is attributed to falling staking yields on the Ethereum network, as meme tokens on chains like Solana gain popularity and high-yield traditional finance options make staking ETH less appealing. 10X Research warns that if high US Treasury yields continue to outpace ETH staking yields, it could further pressure ETH prices. Ethereum's price is currently facing resistance at $2,582 and could drop to $2,425 or even $2,116 if support levels are not defended. On the other hand, positive market momentum could push ETH's price above $2,582 and reach $2,871.
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