Ah, dear reader! Gather ’round as we delve into the curious case of Ether (ETH), whose price has been floundering like a fish out of water, trapped in a $130 range for the past week, while the elusive $2,000 looms above like a distant mirage. 🐟💰
According to the wise sages at CryptoMoon Markets Pro and Bitstamp, our dear ETH has been oscillating within a rather tight embrace, fluctuating between $1,810 and $1,960. Such a romantic dance, yet so far from the grand ball at $2,000!
But alas! The price of Ether remains shackled below the $2,000 mark, and why, you ask? Well, it seems the Ethereum network is experiencing a bit of a midlife crisis, with weak activity and a dwindling Total Value Locked (TVL), not to mention the negative flows from Ethereum ETFs that are making investors as jittery as a cat in a room full of rocking chairs. 🐱🪑
Negative spot Ethereum ETF outflows
Oh, the tragedy! The underperformance of Ether can be traced back to the risk-averse behavior of investors, who have been fleeing from spot Ethereum exchange-traded funds (ETFs) like they were being chased by a pack of wild dogs. 🐕💨
In fact, US-based spot Ether ETFs have seen a streak of outflows for the last seven days, totaling a staggering $265.4 million, as reported by the ever-reliable SoSoValue. What a spectacle!
And as if that weren’t enough, other Ethereum investment products have also joined the exodus, with outflows totaling $176 million. This brings the month-to-date outflows to a jaw-dropping $265 million, a feat that CoinShares’s head of research, James Butterfill, has dubbed the “worst on record.” Oh, the humanity!
He lamented:
“This also marks the 17th straight day of outflows, the longest negative streak since our records began in 2015.”
Weak onchain activity hurts ETH price
To truly grasp the essence of Ether’s malaise, one must peer into the depths of Ethereum’s onchain metrics. The Ethereum network, once a beacon of hope, has seen its decentralized exchange (DEX) volume decline by a staggering 30% over the last week, plummeting to a mere $16.8 billion on this fateful day, March 17. 📉
Key weaknesses abound, with an 85% drop in activity on Maverick Protocol and a 45% decline in Dodo’s volumes. It’s as if the entire Ethereum ecosystem has decided to take a long nap! 😴
Moreover, Ethereum’s total value locked (TVL) has decreased by 9.3% this month, falling from its January high of $77 billion to a mere $46.37 billion on March 11. What a fall from grace!
Lido, once a proud contender, has seen its TVL drop by 30% over the past month. Other notable declines include EigenLayer (-30%), Ether.fi (-29%), and Maker (-28%). It’s a veritable tragedy of the commons! 🎭
Ether’s bear flag target is at $1,530
Meanwhile, the technicals reveal a potential bear flag on the four-hour chart, hinting at further declines in the days to come. A bear flag, dear reader, is a downward continuation pattern that resembles a small, upward-sloping channel, much like a sad little hill in a vast valley of despair.
ETH bulls are clinging
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2025-03-17 17:23