On August 3, the price of Ethereum fell below significant resistance at $3,000; since then, the cryptocurrency has not been able to rise over this mark. Today, ETH is trading 15% below the $3,000 mark at $2,576. Three potential reasons are impacting the drop in Ethereum price. Over the past eight days, spot Ethereum ETFs have consistently seen withdrawals. Bloomberg data reveal that Spot Ether ETFs launched in July had lost $112 million in institutional funds. Furthermore, the early excitement surrounding Ethereum’s potential for deflation has probably faded. The demand and price of Ethereum are being adversely affected by spot Ether ETF outflows. The Ethereum network’s most recent significant update was EIP-4844, or proto-danksharding, which resulted in transaction prices for Layer 2 chains dropping. The network’s income has fallen due to Layer 2 chains receiving a disproportionately large part of transaction fees.
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On August 5, as reported by Coinidol.com, the largest cryptocurrency fell to a low of $49,130, but bulls took advantage of the dip. Bitcoin has corrected upwards but was stopped by the moving average lines or the barrier at $63,000. The rebound has pushed it back to the middle of the price range. The cryptocurrency is now above the $53,000 support and below the $63,000 resistance level. Bitcoin will be trapped in its range for a few days. If buyers keep the price above the moving average lines, the cryptocurrency will resume its positive trend. The largest cryptocurrency will rise and return to the psychological price threshold of $70,000. On the other hand, a further decline of the cryptocurrency is unlikely as Bitcoin is moving in a range. Bitcoin is currently valued at $59,358.
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Google searches for the keyword onchain have reached a record high, The Block writes in a newsletter for subscribers. According to the authors, this indicates a growing interest among a wide audience in less superficial tools of the cryptocurrency market. The term onchain in the context of cryptocurrencies and related technologies is interpreted quite broadly, but one way or another implies a certain interaction with data in blockchain networks without the participation of a centralized intermediary. For example, the combination of “onchain analysis” means the study of data on transactions between wallets, and the combination of “onchain trading” means operations in decentralized financial services (decentralized exchanges, DEX). According to Google Trends, the number of searches for the word onchain has reached record levels. The search interest index has soared fivefold from about 19 in early 2024 to a peak of 100 in July.
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