ETH Speculators Keep Ethereum Price to $3,000 Preventing Any Rally

1 week ago 13

MyIPFS Script: Gateway to Your IPFS Network

Coinspeaker
ETH Speculators Keep Ethereum Price to $3,000 Preventing Any Rally

The world’s second-largest cryptocurrency Ethereum (ETH) has been facing continuous selling pressure with its price staying just above the $3,000 support. In comparison to Bitcoin, Ethereum has once again “underperformed” with new ETH holders facing the risk of falling into losses.

Crypto analytics platform Glassnode recently revealed how the ETH speculators are holding the altcoin price close to $3,000. The month of April witnessed a strong pullback both in the price of Bitcoin and Ethereum, witnessing its biggest monthly retracement since the FTX collapse back in April 2022. Glassnode added:

“However, it is worth noting that Ethereum’s deepest drawdown of the cycle has been -44%, which is just over twice as severe as Bitcoin’s at -21%. This highlights Ethereum’s relative under-performance over last 2 years, which is manifesting in a weaker ETH/BTC ratio also.”