Ethereum has experienced a significant bearish trend, with a sharp decline after reaching the lower boundary of a broken wedge pattern and the formation of a death cross. However, the price is approaching a crucial support level at $2.1K, which could result in a short-term sideways consolidation. The 0.786 Fibonacci retracement level at $2,067 is also expected to provide substantial demand. If the support holds, Ethereum may experience a temporary pause in the downtrend, but if it is breached, a long-liquidation event could occur. The number of unique active addresses on the Ethereum network has declined since late March, indicating reduced user activity and transaction volumes. To see a recovery and potential long-term rally, this trend needs to reverse with a resurgence in active addresses.



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