• bitcoinBitcoin (BTC) $ 104,808.00
  • ethereumEthereum (ETH) $ 2,527.78
  • tetherTether (USDT) $ 1.00
  • xrpXRP (XRP) $ 2.14
  • bnbBNB (BNB) $ 653.21
  • solanaSolana (SOL) $ 144.70
  • usd-coinUSDC (USDC) $ 0.999795
  • dogecoinDogecoin (DOGE) $ 0.174612
  • tronTRON (TRX) $ 0.272877
  • cardanoCardano (ADA) $ 0.636617
  • staked-etherLido Staked Ether (STETH) $ 2,527.65
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 104,659.00
  • hyperliquidHyperliquid (HYPE) $ 39.62
  • wrapped-stethWrapped stETH (WSTETH) $ 3,044.13
  • suiSui (SUI) $ 3.00
  • chainlinkChainlink (LINK) $ 13.23
  • leo-tokenLEO Token (LEO) $ 9.06
  • bitcoin-cashBitcoin Cash (BCH) $ 414.77
  • stellarStellar (XLM) $ 0.258641
  • avalanche-2Avalanche (AVAX) $ 19.09
  • the-open-networkToncoin (TON) $ 2.96
  • usdsUSDS (USDS) $ 0.999830
  • shiba-inuShiba Inu (SHIB) $ 0.000012
  • wethWETH (WETH) $ 2,526.93
  • wrapped-eethWrapped eETH (WEETH) $ 2,702.45
  • hedera-hashgraphHedera (HBAR) $ 0.153836
  • litecoinLitecoin (LTC) $ 83.82
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • polkadotPolkadot (DOT) $ 3.82
  • moneroMonero (XMR) $ 315.09
  • bitget-tokenBitget Token (BGB) $ 4.53
  • whitebitWhiteBIT Coin (WBT) $ 34.41
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 104,908.00
  • pepePepe (PEPE) $ 0.000011
  • uniswapUniswap (UNI) $ 7.24
  • aaveAave (AAVE) $ 283.94
  • pi-networkPi Network (PI) $ 0.557541
  • daiDai (DAI) $ 1.00
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.18
  • bittensorBittensor (TAO) $ 364.81
  • okbOKB (OKB) $ 52.00
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • internet-computerInternet Computer (ICP) $ 5.40
  • aptosAptos (APT) $ 4.41
  • nearNEAR Protocol (NEAR) $ 2.23
  • crypto-com-chainCronos (CRO) $ 0.090601
  • susdssUSDS (SUSDS) $ 1.06
  • ethereum-classicEthereum Classic (ETC) $ 16.34
  • jito-staked-solJito Staked SOL (JITOSOL) $ 174.82
  • ondo-financeOndo (ONDO) $ 0.775726
  • tokenize-xchangeTokenize Xchange (TKX) $ 28.83
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 104,780.00
  • usd1-wlfiUSD1 (USD1) $ 1.00
  • mantleMantle (MNT) $ 0.639773
  • gatechain-tokenGate (GT) $ 17.13
  • kaspaKaspa (KAS) $ 0.077850
  • official-trumpOfficial Trump (TRUMP) $ 9.91
  • vechainVeChain (VET) $ 0.022198
  • fasttokenFasttoken (FTN) $ 4.45
  • cosmosCosmos Hub (ATOM) $ 4.07
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.200440
  • ethenaEthena (ENA) $ 0.291556
  • render-tokenRender (RENDER) $ 3.38
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.656494
  • skySky (SKY) $ 0.078829
  • arbitrumArbitrum (ARB) $ 0.336499
  • filecoinFilecoin (FIL) $ 2.37
  • worldcoin-wldWorldcoin (WLD) $ 0.969954
  • quant-networkQuant (QNT) $ 106.45
  • binance-peg-wethBinance-Peg WETH (WETH) $ 2,529.06
  • algorandAlgorand (ALGO) $ 0.175052
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.994517
  • usdt0USDT0 (USDT0) $ 0.999954
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 4.36
  • usdtbUSDtb (USDTB) $ 1.00
  • kucoin-sharesKuCoin (KCS) $ 11.20
  • binance-staked-solBinance Staked SOL (BNSOL) $ 152.65
  • spx6900SPX6900 (SPX) $ 1.31
  • flare-networksFlare (FLR) $ 0.017968
  • nexoNEXO (NEXO) $ 1.21
  • rocket-pool-ethRocket Pool ETH (RETH) $ 2,875.46
  • jupiter-exchange-solanaJupiter (JUP) $ 0.402084
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.81
  • celestiaCelestia (TIA) $ 1.76
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 2,644.24
  • injective-protocolInjective (INJ) $ 11.46
  • bonkBonk (BONK) $ 0.000014
  • fartcoinFartcoin (FARTCOIN) $ 1.08
  • sonic-3Sonic (S) $ 0.321769
  • story-2Story (IP) $ 3.51
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 1.00
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 1.00
  • paypal-usdPayPal USD (PYUSD) $ 1.00
  • optimismOptimism (OP) $ 0.580920
  • xdce-crowd-saleXDC Network (XDC) $ 0.060160
  • mantle-staked-etherMantle Staked Ether (METH) $ 2,694.00
  • blockstackStacks (STX) $ 0.613597
  • sei-networkSei (SEI) $ 0.174565
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 2,647.41
  • kaiaKaia (KAIA) $ 0.152600
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 104,708.00
  • wbnbWrapped BNB (WBNB) $ 654.02
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 104,510.00
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 2,654.34
  • tether-goldTether Gold (XAUT) $ 3,428.00
  • pax-goldPAX Gold (PAXG) $ 3,449.59
  • immutable-xImmutable (IMX) $ 0.446844
  • vaultaVaulta (A) $ 0.526092
  • the-graphThe Graph (GRT) $ 0.085650
  • clbtcclBTC (CLBTC) $ 105,586.00
  • dogwifcoindogwifhat (WIF) $ 0.803679
  • curve-dao-tokenCurve DAO (CRV) $ 0.588195
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.40
  • newton-projectAB (AB) $ 0.012163
  • flokiFLOKI (FLOKI) $ 0.000076
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 161.30
  • zcashZcash (ZEC) $ 45.39
  • lido-daoLido DAO (LDO) $ 0.804946
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 2,734.43
  • msolMarinade Staked SOL (MSOL) $ 188.22
  • syrupusdcSyrupUSDC (SYRUPUSDC) $ 1.11
  • ousgOUSG (OUSG) $ 111.40
  • theta-tokenTheta Network (THETA) $ 0.689986
  • usdx-money-usdxStables Labs USDX (USDX) $ 0.999786
  • ethereum-name-serviceEthereum Name Service (ENS) $ 19.98
  • galaGALA (GALA) $ 0.014751
  • bittorrentBitTorrent (BTT) $ 0.00000067
  • jito-governance-tokenJito (JTO) $ 1.91
  • iotaIOTA (IOTA) $ 0.166770
  • the-sandboxThe Sandbox (SAND) $ 0.258447
  • jasmycoinJasmyCoin (JASMY) $ 0.012959
  • polyhedra-networkPolyhedra Network (ZKJ) $ 2.01
  • pendlePendle (PENDLE) $ 3.83
  • walrus-2Walrus (WAL) $ 0.459386
  • usual-usdUsual USD (USD0) $ 0.997593
  • pyth-networkPyth Network (PYTH) $ 0.105920
  • raydiumRaydium (RAY) $ 2.08
  • bitcoin-svBitcoin SV (BSV) $ 29.98
  • solv-protocol-solvbtc-bbnSolv Protocol Staked BTC (XSOLVBTC) $ 104,336.00
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.009462
  • wrapped-hypeWrapped HYPE (WHYPE) $ 39.53
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.09
  • coredaoorgCore (CORE) $ 0.578917
  • tezosTezos (XTZ) $ 0.553662
  • saros-financeSaros (SAROS) $ 0.219216
  • falcon-financeFalcon USD (USDF) $ 0.998972
  • super-oethSuper OETH (SUPEROETH) $ 2,527.90
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 2,523.94
  • flowFlow (FLOW) $ 0.346031
  • apecoinApeCoin (APE) $ 0.665721
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 2,641.29
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 2,693.98
  • thorchainTHORChain (RUNE) $ 1.48
  • aerodrome-financeAerodrome Finance (AERO) $ 0.623010
  • syrupMaple Finance (SYRUP) $ 0.474750
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 2,526.88
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 104,794.00
  • dexeDeXe (DEXE) $ 8.74
  • tbtctBTC (TBTC) $ 104,613.00
  • true-usdTrueUSD (TUSD) $ 0.998006
  • decentralandDecentraland (MANA) $ 0.259497
  • compound-governance-tokenCompound (COMP) $ 51.69
  • kavaKava (KAVA) $ 0.430044
  • grassGrass (GRASS) $ 1.59
  • heliumHelium (HNT) $ 2.49
  • staked-hypeStaked HYPE (STHYPE) $ 39.52
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.174862
  • chain-2Onyxcoin (XCN) $ 0.013092
  • beldexBeldex (BDX) $ 0.061157
  • usddUSDD (USDD) $ 1.00
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 0.999808
  • based-brettBrett (BRETT) $ 0.043385
  • aioz-networkAIOZ Network (AIOZ) $ 0.352082
  • ripple-usdRipple USD (RLUSD) $ 0.999822
  • mimblewimblecoinMimbleWimbleCoin (MWC) $ 37.64
  • apenftAPENFT (NFT) $ 0.00000042
  • hashnote-usycCircle USYC (USYC) $ 1.09
  • ketKet (KET) $ 0.406471
  • axelarAxelar (AXL) $ 0.414522
  • aethirAethir (ATH) $ 0.041044
  • keetaKeeta (KTA) $ 1.01
  • usdbUSDB (USDB) $ 0.995522
  • ecasheCash (XEC) $ 0.000020
  • dydx-chaindYdX (DYDX) $ 0.507443
  • morphoMorpho (MORPHO) $ 1.41
  • starknetStarknet (STRK) $ 0.118499
  • arweaveArweave (AR) $ 6.03
  • eigenlayerEigenlayer (EIGEN) $ 1.27
  • neoNEO (NEO) $ 5.54
  • elrond-erd-2MultiversX (EGLD) $ 13.67
  • movementMovement (MOVE) $ 0.148996
  • eosEOS (EOS) $ 0.528777
  • stader-ethxStader ETHx (ETHX) $ 2,681.04
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 2,524.21
  • mantle-bridged-usdt-mantleMantle Bridged USDT (Mantle) (USDT) $ 0.998067
  • axie-infinityAxie Infinity (AXS) $ 2.29
  • conflux-tokenConflux (CFX) $ 0.073090
  • dog-go-to-the-moon-runeDog (Bitcoin) (DOG) $ 0.003694
  • telcoinTelcoin (TEL) $ 0.004024

Why Is Ethereum (ETH) Down? Price Drops Below Key Level amid Rising Supply

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Why Is Ethereum (ETH) Down? Price Drops Below Key Level amid Rising Supply

Ethereum’s price has been in a slump recently, slipping more than 15% in the past week amid bearish momentum in the overall crypto space. Ethereum’s current struggles are mainly driven by a return to inflationary supply levels. Since April 2024, the network’s supply has been increasing, which is the opposite of the deflationary environment it experienced after the Merger.

Ethereum’s Price Outlook

The total supply has risen by 0.37% in the past nine months, reaching 120.4 million ETH. This increased supply, coupled with lower demand, has fueled concerns about the asset’s price trajectory.

On the 4-hour chart, Ethereum has dropped below the $3,087 support level in a clear downtrend. The critical question for investors now is whether Ethereum can maintain this support level, with failure to hold above the support could lead to further declines.

Why Is Ethereum (ETH) Down? Price Drops Below Key Level amid Rising Supply

ETH Daily Price Chart, Source: TradingView

Additionally, the price is below the 50 and moving averages. However, ETH’s Relative Strength Index (RSI) is at the oversold territory of 22, meaning there is a possibility of price reversing before a further downward momentum can be seen.

Ether’s price had remained in a consolidation, trading between a low of $3,189 and a high of $3,330 before the price dipped to the current level. On the daily chart, RSI is close to the oversold zone at 32, with the price currently above the 50-moving average.

On the longer time chart, price had been on a downward trend on the weekly chart since touching a high of $4,010 in December 2. A notable development is the recent drop in funding rates, which suggests increasing bearish sentiment among traders.

Why Is Ethereum (ETH) Down? Price Drops Below Key Level amid Rising Supply

Ethereum Funding Rates, Source: CryptoQuant

On-Chain Metrics

However, as Ethereum nears the $3,000 support zone, funding rates have begun to show signs of recovery, indicating that some traders are opening long positions in anticipation of a rebound, data from CryptoQuant shows.

If these funding rates continue to recover, it could signal the start of a bullish phase for Ethereum. However, if the recovery falters and the bearish sentiment intensifies, further downside risks remain. Ethereum’s price is at a crossroads, with its fate likely tied to whether it can regain momentum.

Source

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