What of Ethereum traders now after ETH lost $1,620 level

Ethereum, the largest altcoin might just be in for a bouncy ride despite the hype around the upcoming Merge. Well, Ethereum failed to settle above the $1,620 zone yet again. Do you believe me? The flagship coin had quite a journey on 24 July- jumping above $1,640 before dipping back down to $1,540. In the […]

as evident by the grim scenario in the chart below. ETH’s weighted sentiment dropped into “super” negative territory, at the time of writing.In the current market structure, traders are pessimistic about ETH’s chances of showing a price rise.

For context, in the upcoming meeting , 78% of high-interest rates by 75bps and a 21% of 100bps are expected. In addition, in this week the U.S. GDP Growth Rate QoQ Adv Q2 and June core PCE price index will also be announced.Source: Glassnode On 24 July, the minimum gas fee was reduced to 3 gwei, the press time gas fee was 4 gwei, while the ETH transfer cost was $0.51, and the ERC20 transfer cost was $1.Furthermore, the total value locked in DeFi smart contracts went below $50 billion from $98.4 billion. According to DeFiLlama, the DeFi dominance of the ETH blockchain is waning.Nevertheless, ETH holders continue to showcase faith despite the bearish market signals.

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