The Ethereum (ETH) price remains in a bear market with no clear catalyst for a recovery. The price has dropped almost 50% from its peak in December 2021, trading at $2,220. It has fallen below key support levels and various technical indicators suggest a bearish outlook. The distance between the November peak and the current level indicates a potential target of $1,125, unless the price rises above the pivot level at $2,812. Weak demand from retail and institutional investors is one reason for the ETH price crash, as evidenced by outflows from Ethereum ETFs and a decline in the staking market cap. Ethereum balances on exchanges have also increased, indicating selling pressure. Ethereum futures open interest has fallen significantly. The drop in ETH price is in line with the broader cryptocurrency market, including Bitcoin. Additionally, Ethereum faces strong competition from other blockchain networks, such as Solana and BNB, as well as layer-2 networks like Base, Arbitrum, and Optimism.



Other News from Today