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The price of Ethereum has reached a low of $3,118 as bears gain power in the worst-case scenario
Earlier today, Ethereum reached a five-month low of $3,118.
According to Santiment statistics, the ratio of active Ethereum addresses vs. price suggests an optimistic story.
JP Morgan analysts believe that Ethereum will face hard competition from DeFi in order to preserve its supremacy in the ecosystem.
Earlier today, the price of Ethereum fell to a five-month low. Proponents feel Ethereum’s prominence in the cryptocurrency ecosystem has waned.
Ethereum bears are driving down the price of the cryptocurrency
The price of Ethereum fell below $3,118 as bears gained control of the cryptocurrency. The price of Ethereum has dropped to a fresh five-month low. Despite the fact that the altcoin’s market valuation skyrocketed in 2022, researchers anticipate that Ethereum’s market supremacy will wane this year.
The present price is the most painful for Ethereum traders since July 2021, according to the average market value to realized value (MVRV). The measure is calculated by dividing an asset’s market capitalization by its realized capitalization. The average MVRV indicates an optimistic forecast for the Ethereum price.
