CandleFocus Ethereum price drops as MVRV and active addresses ratio rise
2024-12-26
Author: Content Editor
The price of Ethereum fell by over 5.6% as the gains made during the Santa Claus rally were erased. The entire crypto market also experienced a downturn, with the market cap of all coins falling. Ethereum's decline occurred in a low-volume environment, likely due to many traders being away for the Christmas holiday. Despite this, there are some positive signs in the Ethereum market, such as an increase in the total value locked in its DeFi ecosystem and a rise in active addresses. However, technical data suggests that Ethereum may experience a bearish breakout and reach the $3,000 level.
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