![Assessing whether or not Ethereum’s [ETH] price will fall below $1000](https://i.headtopics.com/images/2022/12/27/cryptoamb/assessing-whether-or-not-ethereum-s-eth-price-will-assessing-whether-or-not-ethereum-s-eth-price-will-1607806770671456256.webp)
A decline in ETH’s Transaction Count metric suggests that it might touch $1000 in the coming year. On-chain assessment confirmed the prolonged decline in market activity. With a consistent decline in new demand for leading altcoin Ethereum [ETH], its price might fall below the $1000 mark, CryptoQuant analyst Greatest Trader opined. Read Ethereum’s [ETH] Price Prediction 2023-2024 […]
The analyst conducted an assessment of ETH’s Transaction Count metric and found that there has been a steady decline since May 2021 to mark a new low of 937,653 daily transactions as of 27 December. A decline in transaction count is typical in bear markets due to reduced activity from market participants.“As is evident in the chart, each impulsive downtrend in the metric was along with a considerable price decline.
The prolonged stretch in ETH’s MCA and MDIA generally implies that there is some concerning stagnancy on the coin’s network, which will make it hard for its price to rise.Subscribe to get it daily in your inbox.
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