- Extreme Fear and Greed Index shows that users are in Extreme Fear for Ethereum.
- ETH currently trades at the low price of $1,895.77.
- Analysts seem to predict further losses, while some remain optimistic citing the Merge.
Ethereum may still be in second position behind Bitcoin but the trends don’t seem positive for this altcoin. According to the Extreme Fear and Greed Index, the Ethereum needle lies in the Extreme Fear segment of the gauge with a score of 23.
With a total market cap of $228,139,949,517, ETH is currently ranked second according to CoinGecko. This places ETH behind BTC and in front of USDT.
Notably, in the last 24 hours, ETH has seen a jump of 6.1%. However, when looking at the weekly numbers, ETH is down by 7.5%. Worse still is that the monthly drop is a soul-crushing 32.8%. This is the lowest it has gone in 14 months.
On a related note, market data platform Santiment tweeted last week that Ethereum is showing a “dramatically low” profit-to-loss transaction ratio over the weekend. This could be one reason for its low price, analysts say.
Another disconcerting trend is the fall in daily active addresses, which plummeted from the previous 650,000 to the current 450,000.
In the last 24 hours, ETH has also seen a trading volume of $12,118,486,311. At the time of writing, ETH currently trades at a meager $1,895.77. For some perspective, Ethereum’s all-time high was $4,878.26 which it achieved in November of 2021.
Nonetheless, the future does not look bleak for the popular coin. A major update users are looking forward to is the Merge. This is when the Ethereum mainnet will merge with the beacon chain proof-of-stake system. “This will mark the end of proof-of-work for Ethereum, and the full transition to proof-of-stake,” says the Ethereum team.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.