1. Bearish Ethereum fractal: Ethereum, the second-largest cryptocurrency by market capitalization, is experiencing a bearish fractal pattern. This pattern suggests that the current price movement of Ethereum is similar to a previous bearish trend, indicating a potential downward trend in the future. This fractal pattern is concerning for investors and traders as it could signal a further decline in Ethereum’s price.
2. Lower network activity: Alongside the bearish fractal, Ethereum is also witnessing lower network activity. Network activity refers to the number of transactions and interactions happening on the Ethereum blockchain. A decrease in network activity can be an indication of reduced interest and usage of the Ethereum platform. This decline in network activity could be attributed to various factors, such as high transaction fees, scalability issues, or a shift in user preferences towards alternative platforms.
3. Struggle to break above $2,000: Ether’s price has been struggling to surpass the $2,000 mark. This psychological resistance level has proven to be a significant hurdle for Ethereum’s price to overcome. Despite several attempts, Ether has failed to sustainably break above this level, leading to increased selling pressure and potential further downside.
The combination of a bearish fractal pattern and lower network activity poses challenges for Ethereum’s price. The bearish fractal indicates a potential downward trend, while the decrease in network activity suggests reduced interest and usage of the Ethereum platform. Additionally, Ether’s struggle to break above the $2,000 mark adds to the selling pressure. Investors and traders should closely monitor these factors to make informed decisions regarding their Ethereum holdings.