Ethereum's price has been steadily declining, losing 10% in the past week and facing potential further drops to $1,200. The dominance of Ethereum in the blockchain ecosystem is being threatened by competitors like Solana and the ongoing migration to layer-2 solutions. The futures market reflects bearish sentiment, indicating a lack of strong buying interest. Analysts are divided on Ethereum's future trajectory, with some suggesting a potential drop to $1,200 if key support is broken. JPMorgan highlights the increasing competition and growing reliance on layer-2 networks as challenges for Ethereum. Despite some positive on-chain metrics, further losses are possible unless major resistance levels are reclaimed. The $2,400 support level is currently being closely watched.



Other News from Today