• bitcoinBitcoin (BTC) $ 115,880.00
  • ethereumEthereum (ETH) $ 4,671.39
  • xrpXRP (XRP) $ 3.10
  • tetherTether (USDT) $ 1.00
  • solanaSolana (SOL) $ 247.73
  • bnbBNB (BNB) $ 942.32
  • usd-coinUSDC (USDC) $ 0.999714
  • dogecoinDogecoin (DOGE) $ 0.288430
  • staked-etherLido Staked Ether (STETH) $ 4,664.82
  • cardanoCardano (ADA) $ 0.921611
  • tronTRON (TRX) $ 0.351782
  • wrapped-stethWrapped stETH (WSTETH) $ 5,662.48
  • chainlinkChainlink (LINK) $ 24.83
  • wrapped-beacon-ethWrapped Beacon ETH (WBETH) $ 5,038.77
  • hyperliquidHyperliquid (HYPE) $ 54.63
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 116,000.00
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • suiSui (SUI) $ 3.78
  • avalanche-2Avalanche (AVAX) $ 30.50
  • stellarStellar (XLM) $ 0.399557
  • wrapped-eethWrapped eETH (WEETH) $ 5,022.92
  • figure-helocFigure Heloc (FIGR_HELOC) $ 1.00
  • bitcoin-cashBitcoin Cash (BCH) $ 593.15
  • wethWETH (WETH) $ 4,675.03
  • hedera-hashgraphHedera (HBAR) $ 0.244790
  • litecoinLitecoin (LTC) $ 117.37
  • leo-tokenLEO Token (LEO) $ 9.51
  • the-open-networkToncoin (TON) $ 3.24
  • crypto-com-chainCronos (CRO) $ 0.247273
  • shiba-inuShiba Inu (SHIB) $ 0.000014
  • usdsUSDS (USDS) $ 0.999661
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
  • polkadotPolkadot (DOT) $ 4.43
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 115,927.00
  • whitebitWhiteBIT Coin (WBT) $ 44.21
  • world-liberty-financialWorld Liberty Financial (WLFI) $ 0.222786
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.20
  • uniswapUniswap (UNI) $ 9.75
  • mantleMantle (MNT) $ 1.66
  • moneroMonero (XMR) $ 287.46
  • ethenaEthena (ENA) $ 0.751747
  • pepePepe (PEPE) $ 0.000012
  • aaveAave (AAVE) $ 311.94
  • bitget-tokenBitget Token (BGB) $ 5.04
  • daiDai (DAI) $ 0.999508
  • okbOKB (OKB) $ 202.82
  • memecoreMemeCore (M) $ 2.51
  • jito-staked-solJito Staked SOL (JITOSOL) $ 304.82
  • nearNEAR Protocol (NEAR) $ 2.78
  • bittensorBittensor (TAO) $ 356.53
  • worldcoin-wldWorldcoin (WLD) $ 1.71
  • ondo-financeOndo (ONDO) $ 1.07
  • ethereum-classicEthereum Classic (ETC) $ 21.71
  • aptosAptos (APT) $ 4.63
  • story-2Story (IP) $ 9.71
  • binance-staked-solBinance Staked SOL (BNSOL) $ 266.01
  • pi-networkPi Network (PI) $ 0.368412
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.282036
  • pump-funPump.fun (PUMP) $ 0.008227
  • usdt0USDT0 (USDT0) $ 1.00
  • arbitrumArbitrum (ARB) $ 0.537254
  • binance-peg-wethBinance-Peg WETH (WETH) $ 4,678.40
  • internet-computerInternet Computer (ICP) $ 5.00
  • usd1-wlfiUSD1 (USD1) $ 0.999945
  • kaspaKaspa (KAS) $ 0.088831
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.035672
  • cosmosCosmos Hub (ATOM) $ 4.79
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 5.93
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • vechainVeChain (VET) $ 0.025335
  • algorandAlgorand (ALGO) $ 0.248462
  • kinetic-staked-hypeKinetiq Staked HYPE (KHYPE) $ 54.86
  • myx-financeMYX Finance (MYX) $ 11.39
  • rocket-pool-ethRocket Pool ETH (RETH) $ 5,347.68
  • susdssUSDS (SUSDS) $ 1.07
  • render-tokenRender (RENDER) $ 3.98
  • gatechain-tokenGate (GT) $ 17.21
  • kucoin-sharesKuCoin (KCS) $ 16.08
  • sei-networkSei (SEI) $ 0.339473
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 4,915.94
  • bonkBonk (BONK) $ 0.000026
  • fasttokenFasttoken (FTN) $ 4.48
  • hash-2Provenance Blockchain (HASH) $ 0.037311
  • usdtbUSDtb (USDTB) $ 0.999671
  • skySky (SKY) $ 0.080851
  • official-trumpOfficial Trump (TRUMP) $ 8.99
  • filecoinFilecoin (FIL) $ 2.61
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.679516
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 4,922.83
  • falcon-financeFalcon USD (USDF) $ 0.999388
  • jupiter-exchange-solanaJupiter (JUP) $ 0.559426
  • flare-networksFlare (FLR) $ 0.023238
  • bfusdBFUSD (BFUSD) $ 1.00
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 5,047.21
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 115,990.00
  • quant-networkQuant (QNT) $ 105.08
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 4,944.02
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 1.00
  • optimismOptimism (OP) $ 0.813582
  • celestiaCelestia (TIA) $ 1.84
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 281.55
  • injective-protocolInjective (INJ) $ 14.39
  • xdce-crowd-saleXDC Network (XDC) $ 0.077859
  • tether-goldTether Gold (XAUT) $ 3,643.36
  • paypal-usdPayPal USD (PYUSD) $ 0.999990
  • mantle-staked-etherMantle Staked Ether (METH) $ 4,989.19
  • spx6900SPX6900 (SPX) $ 1.42
  • immutable-xImmutable (IMX) $ 0.677937
  • nexoNEXO (NEXO) $ 1.28
  • wbnbWrapped BNB (WBNB) $ 942.32
  • blockstackStacks (STX) $ 0.691230
  • sonic-3Sonic (S) $ 0.318045
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 115,627.00
  • curve-dao-tokenCurve DAO (CRV) $ 0.821423
  • lido-daoLido DAO (LDO) $ 1.28
  • msolMarinade Staked SOL (MSOL) $ 327.87
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.998098
  • syrupusdcsyrupUSDC (SYRUPUSDC) $ 1.12
  • aerodrome-financeAerodrome Finance (AERO) $ 1.21
  • pax-goldPAX Gold (PAXG) $ 3,649.62
  • super-oethSuper OETH (SUPEROETH) $ 4,677.03
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 0.998282
  • the-graphThe Graph (GRT) $ 0.099874
  • flokiFLOKI (FLOKI) $ 0.000105
  • pyth-networkPyth Network (PYTH) $ 0.175297
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 115,862.00
  • dogwifcoindogwifhat (WIF) $ 0.963566
  • raydiumRaydium (RAY) $ 3.58
  • saros-financeSaros (SAROS) $ 0.360520
  • conflux-tokenConflux (CFX) $ 0.183644
  • kaiaKaia (KAIA) $ 0.160769
  • fartcoinFartcoin (FARTCOIN) $ 0.921382
  • fourFour (FORM) $ 2.35
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 4,485.96
  • clbtcclBTC (CLBTC) $ 115,670.00
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.58
  • zcashZcash (ZEC) $ 53.75
  • pendlePendle (PENDLE) $ 5.17
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.32
  • theta-tokenTheta Network (THETA) $ 0.869226
  • tezosTezos (XTZ) $ 0.790227
  • galaGALA (GALA) $ 0.018226
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 4,677.15
  • ethereum-name-serviceEthereum Name Service (ENS) $ 24.51
  • iotaIOTA (IOTA) $ 0.200050
  • vaultaVaulta (A) $ 0.498128
  • the-sandboxThe Sandbox (SAND) $ 0.319726
  • jito-governance-tokenJito (JTO) $ 2.00
  • aethirAethir (ATH) $ 0.061917
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.289581
  • jasmycoinJasmyCoin (JASMY) $ 0.015240
  • ripple-usdRipple USD (RLUSD) $ 0.999857
  • ousgOUSG (OUSG) $ 112.55
  • ether-fiEther.fi (ETHFI) $ 1.54
  • stader-ethxStader ETHx (ETHX) $ 4,997.50
  • decentralandDecentraland (MANA) $ 0.361465
  • morphoMorpho (MORPHO) $ 2.09
  • flowFlow (FLOW) $ 0.430790
  • tbtctBTC (TBTC) $ 115,751.00
  • usdx-money-usdxStables Labs USDX (USDX) $ 1.00
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.08
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 4,664.48
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 4,677.01
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 5,142.79
  • newton-projectAB (AB) $ 0.008348
  • bittorrentBitTorrent (BTT) $ 0.00000066
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 4,988.46
  • walrus-2Walrus (WAL) $ 0.442510
  • swethSwell Ethereum (SWETH) $ 5,099.23
  • beldexBeldex (BDX) $ 0.083228
  • global-dollarGlobal Dollar (USDG) $ 0.999785
  • loaded-lionsLoaded Lions (LION) $ 0.018862
  • usual-usdUsual USD (USD0) $ 0.997829
  • build-onBUILDon (B) $ 0.562122
  • starknetStarknet (STRK) $ 0.135385
  • vision-3Vision (VSN) $ 0.167558
  • eigenlayerEigenCloud (prev. EigenLayer) (EIGEN) $ 1.64
  • based-brettBrett (BRETT) $ 0.054552
  • bitcoin-svBitcoin SV (BSV) $ 27.02
  • benqi-liquid-staked-avaxBENQI Liquid Staked AVAX (SAVAX) $ 37.32
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 115,884.00
  • syrupMaple Finance (SYRUP) $ 0.473520
  • bybit-staked-solBybit Staked SOL (BBSOL) $ 273.84
  • dydx-chaindYdX (DYDX) $ 0.665730
  • frax-etherFrax Ether (FRXETH) $ 4,658.01
  • polygon-pos-bridged-weth-polygon-posPolygon PoS Bridged WETH (Polygon POS) (WETH) $ 4,675.52
  • heliumHelium (HNT) $ 2.68
  • apecoinApeCoin (APE) $ 0.622465
  • arweaveArweave (AR) $ 7.56
  • true-usdTrueUSD (TUSD) $ 0.999008
  • usddUSDD (USDD) $ 1.00
  • neoNEO (NEO) $ 6.89
  • telcoinTelcoin (TEL) $ 0.005220
  • instadappFluid (FLUID) $ 6.24
  • mantle-bridged-usdt-mantleMantle Bridged USDT (Mantle) (USDT) $ 0.999580
  • reserve-rights-tokenReserve Rights (RSR) $ 0.007973
  • coredaoorgCore (CORE) $ 0.470404
  • thorchainTHORChain (RUNE) $ 1.33
  • keetaKeeta (KTA) $ 1.11
  • superstate-short-duration-us-government-securities-fund-ustbSuperstate Short Duration U.S. Government Securities Fund (USTB) (USTB) $ 10.82

Ethereum On-Chain Data Warns of Brief ETH Decline Amid Falling Network Activity

0 61

Ethereum On-Chain Data Warns of Brief ETH Decline Amid Falling Network Activity

Several Ethereum (ETH) on-chain metrics suggest a potential short-term price correction after the cryptocurrency’s 35% rally over the past 30 days. ETH recently touched the $4,000 mark, prompting concerns that it was overbought.

As the price reaches this key resistance level, the metrics suggest that selling pressure may intensify, potentially leading to a pullback before any further upward movement.

Ethereum Flashes Bearish Signs

One of the top Ethereum on-chain metrics suggesting this decline is the price-Daily Active Addresses (DAA) divergence. Simply put, the price DAA divergence shows whether a cryptocurrency’s value is increasing alongside user engagement or not.

When the metric’s reading is positive, it implies that user engagement has increased, and as such, it presents an opportunity for the price to go further high. On the other hand, when the price DAA is negative, it implies that network activity has decreased, and therefore, the upswing could stall.

According to Santiment, Ethereum’s price DAA divergence has dropped to -64.17%. This steep decline indicates a drop in addresses interacting with the cryptocurrency. Given the conditions stated above, ETH’s price could decrease as a result.

Ethereum On-Chain Data Warns of Brief ETH Decline Amid Falling Network Activity

Ethereum Price Daily Active Addresses Divergence. Source: Santiment

Furthermore, BeInCrypto’s analysis of the Coins’ Holding Time also aligns with this bias. The Coins Holding Time measures the amount of time a cryptocurrency has been held without being sold or transacted.

When it increases, it means most holders have decided not to sell. But a decrease, on the other hand, indicates otherwise.

According to IntoTheBlock, Ethereum’s Coins Holding Time has decreased since December 6, suggesting that the cryptocurrency is facing selling pressure. If this trend continues in the coming days, ETH’s price could drop below the $3,900 threshold.

Ethereum On-Chain Data Warns of Brief ETH Decline Amid Falling Network Activity

Ethereum Coins Holding Time. Source: IntoTheBlock

ETH Price Prediction: Back Below $3,800?

On the 4-hour chart, Ethereum’s price faced resistance at $4,073, leading to a pullback to $3,985. Also, the Cumulative Volume Delta (CVD) has dropped to negative territory.

The CVD is a technical analysis tool that provides a detailed view of buying and selling pressure in the market. With the indicator, traders can tell the net difference between buying and selling volumes over a specific time period.

When the CVD is positive, it means buying pressure is dominant. On the other hand, a negative CVD indicates rising selling pressure, which is the case with ETH.

Ethereum On-Chain Data Warns of Brief ETH Decline Amid Falling Network Activity

Ethereum 4-Hour Analysis. Source: TradingView

Should this remain the same, then Ethereum’s price might drop to $3,788. In a highly bearish situation, the price can drop to $3,572. However, if the trend changes, that might not happen. Instead, the cryptocurrency might rise toward $4,500.

Source

Leave A Reply

Your email address will not be published.