As such, this time may not be any different, especially with data from IntoTheBlock indicating a strong demand for Ethereum at this price level. If Ethereum fails to hold this range, the second-largest crypto token risks dropping to as low as $2,700, a more crucial support zone for ETH considering that 11.11 million addresses bought the token at an average price of $2,647. Ethereum’s Revenue Drops To New Lows Data from Token Terminal shows that Ethereum’s revenue has dropped to new lows, down by 40.4% in the last 30 days and 44.8% annually.
Ethereum was bound to suffer a significant decline following Bitcoin’s drop as data from the market intelligence platform IntoTheBlock shows that both assets currently have a strong price correlation. Ethereum’s drop below $3,000 is undoubtedly worrisome for investors, considering how much lower it could drop.
Data from Farside Investors shows that these funds again experienced a net outflow of $54.3 million on August 2. These funds haven’t had the desired impact on ETH’s price that they were expected to have, with Ethereum down over 10% since they began trading.
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