DeFi at your fingertips on Coinbase – While the bridge that connects the Base network to Ethereum is ready, the public launch of Base is scheduled for August 9. Currently, cryptocurrency volatility is at an all-time low, and the price of Bitcoin is hovering around $29,000. For its part, Ethereum evolves around 1,850 dollarsbut data shows that interest could pick up again in the coming months.
Ethereum price stagnates in 24 hours
Ethereum continues to evolve around $1,850buyers and sellers neutralize each other. The lesson stagnates in 24 hoursand in one week, the ethereum price drop of just over 1% :
Within a month, the course down more than 5%. In three months, the price shows a down more than 6%. However, the price remains in the green in six months. In fact, the course is increase of nearly 10% in six months. The ETH/BTC pair 1.5% drop in one weekbut she stalled for a month.
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Transactions on the Ethereum network are stabilizing
To know theenthusiasm for the cryptocurrency sector, we can refer to different data. For example, we can be interested in thesocial media interestor to market sentiment. You can also watch on-chain news with theevolution of the number of new addresses on Bitcoin or Ethereum. Here, we will focus on transactions made on the Ethereum network :
As can be seen, in times of bull marketTHE transactions tend to move upwards. This was the case in 2017 or even more recently in 2021. On the other hand, as soon as the bull market is overthe number of transactions tends to drop drastically.
If the number of transactions has dropped throughout 2022, it seems that the trend is changing. Indeed, since the start of the year, we have seen that the number of transactions stabilizes. The trend is potentially changing, and a return to the upside of transactions could arrive in the coming months. This would show that the craze is indeed back on Ethereum and cryptocurrencies.
Ethereum price slides below support at $1,850
Ethereum shows descending lows and highs in 4H time units. For the moment, the sellers have the handand the price evolves under the support at $1,850 :
In fact, the course could be done again dismiss at the level of $1,850 area. If so, the price could return to the level of the next support located at $1,770. The objective of buyers is to retake the area at $1,850 as support. Also, to confirm a change in momentum, the price will have to close above $1,880. The RSI is showing solida fence above 58 would continue to show ascending lows and highs.
Despite the current lack of enthusiasm at the level of cryptocurrency industry, the situation seems to be changing. After long months of declines, the number of transactions on the Ethereum network is stabilizing. In the coming months, it is possible that the number of transactions will pick up again, a sign that the operators are back. Ethereum price is short-term bearish as long as the $1,850 level is not taken as support.
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