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Ethereum on-chain data hints at further downside for ETH price

Published 04/26/2022, 04:35 PM
Updated 04/27/2022, 06:00 PM
Ethereum on-chain data hints at further downside for ETH price

Ethereum on-chain data hints at further downside for ETH price

Analyzing Ether's (ETH) current price chart paints a bearish picture, which is largely justified by the 11% drop over the past month, but other traditional finance assets faced more extreme price corrections in the same period. The Invesco China Technology ETF (CQQ) is down 31% and the Russell 2000 declined by 8%.

Ether price at FTX, in USD. Source: TradingView

Currently, traders fear that losing the descending channel support at $2,850 could lead to a stronger price downturn, but this largely depends on how derivatives traders are positioned along with the Ethereum network's on-chain metrics.

Ether 3-month futures annualized premium. Source: Laevitas.ch
7-day average of active addresses on Ethereum. Source: CoinMetrics
Ethereum network 30-day DApps activity. Source: DappRadar

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I'm saif Ali Khan
I'm saif Ali Khan
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