@kajollera
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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