Ethereum Faces Bearish Pressure Despite New Wallet Growth
Is Ethereum (ETH) Price in a Prolonged Slump? 🔗
Ethereum (ETH) is experiencing a challenging period, currently trading in the $2.3K range after a slight increase of 1.52%. Despite reaching a four-month high with the creation of 126,210 new wallets, the overall market sentiment remains pessimistic, as indicated by a fear and greed index of 37. Over the past month, ETH has dropped 12.60% and continues to face downward pressure, with predictions suggesting it could fall to $2.2K or below if the trend persists. Conversely, a rebound above the current price could lead to a retest around $2,424. Technical indicators show ETH's momentum is currently bearish.
What is the current price range of Ethereum?
Ethereum is currently trading in the $2.3K range, specifically around $2,351.
How has the number of Ethereum wallets changed recently?
Ethereum has seen a notable increase in network growth, with 126,210 new wallets created last Sunday.
What does the market sentiment indicate for Ethereum?
The market sentiment is negative, with a fear and greed index of 37, suggesting traders are concerned about a prolonged bearish phase.