Published on augustus 5, 2024, 12:22 am
Image source: Fox News
```json [ { "title": "TLDR", "summary": "ETH's price has been struggling to keep up with Bitcoin, despite a promising rally leading up to the launch of spot Ether exchange-traded funds. Ethereum saw a decrease in price over the last week and month while tokens like SOL and ADA showed positive movement. Market indicators suggest further losses for Ether due to various factors including outflows from US-based Ether ETFs and declining network activity metrics." } ] ```
ETH’s price has been struggling to keep up with Bitcoin’s performance lately, indicating a potential further downside in the near future. Despite a promising rally leading up to the launch of spot Ether exchange-traded funds (ETFs), Ethereum’s price has failed to maintain its momentum compared to Bitcoin and the wider cryptocurrency market over the past month.
While Bitcoin saw a 7.7% increase in price over the last 30 days, Ethereum faced a decrease of 4.3% in the past week and 2.11% in the last month. Even other leading layer-1 tokens like Solana’s SOL and Cardano’s ADA have shown positive movement during this period.
Various market and technical indicators suggest that Ether might experience more losses before staging a significant recovery. Factors contributing to ETH’s recent underperformance include outflows from US-based Ether ETFs and a decline in Ethereum’s network activity metrics.
Although Ethereum continues to lead the layer-1 sector, Solana has started gaining ground by dominating on-chain activity beyond just daily active addresses and transaction volume. The launch of spot ETH ETFs marked a significant event, garnering substantial inflows since their debut but being outweighed by net outflows from Grayscale’s converted ETHE product.
Investors have been moving away from Ether-based funds amidst technical challenges hindering ETH’s recovery attempts, notably facing resistance at the $3,500 level. This barrier could potentially push Ether’s price down further if sellers become more active within this range.
It is important to note that this article does not provide investment advice; all investments involve risks, and readers are encouraged to conduct thorough research before making any financial decisions related to cryptocurrencies or altcoins like Ethereum.
Original article posted by Fox News
