The price of Ethereum has slipped to $1,754 and is retesting a support region from the middle of 2023. A VP at Yuga Labs is predicting that if the current downtrend continues, Ethereum could plummet to between $200 and $400. This VP suggests that the crypto market may be entering a new bear market based on recent behavior. Ethereum’s performance during the last bull run was weak, and it is facing challenges in its lead in DeFi due to factors such as network activity being down and competition from other blockchains. The VP also mentions that spot ETFs have not caught on for Ethereum as expected. However, the VP does express some longer-term optimism.



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