Today’s crypto review also touches on the popular cryptocurrency ETH, which has experienced a significant decline over the past 30 days. Ethereum remains the undisputed popular blockchain for decentralized finance.
This popularity aligns with the increasing use of Ether (ETH) as a transaction choice in the global crypto ecosystem. While the crypto market is notoriously unpredictable and volatile, it is still possible to analyze further.
In 2024, the Ethereum network is set to undergo several significant updates. The ongoing “Sharding” upgrade aims to further improve the scalability of the blockchain.
Sharding will enable Ethereum to process multiple transactions simultaneously, thus reducing congestion and lowering transaction costs, or gas fees. This technological advancement is expected to attract more developers and users to the platform, potentially increasing the demand for ETH.
From a technical standpoint, several key indicators such as EMA, MACD, RSI, and Fibonacci levels provide important insights. The EMA still shows a ‘sell’ signal, indicating a bearish trend, with potential support at $3,090.3.
The MACD is at -47.4, signaling a bearish momentum, while the RSI is at 41.2, in the neutral zone but approaching oversold territory. Fibonacci levels show support at $3,266.8 and resistance at $3,767.
If the ETH price falls below $3,266, ETH could see further declines, while a rise above $3,767 might indicate a bullish momentum.
As of Wednesday evening on CoinMarketCap, the price of ETH has dropped by 2.8 percent in the past day to $3,343.
Compared to the previous month, the outlook is also unfavorable, with a loss of 12.61 percent.
Nevertheless, ETH remains the second-largest cryptocurrency after BTC, with a market capitalization of $403.6 billion and a trading volume of $10.8 billion. ETH is now approximately 31.32 percent below its all-time high of $4,891 (November 16, 2021).