Ethereum on-chain data hints at further downside for ETH price

2022.04.28 01:21

Ethereum on-chain data hints at further downside for ETH price

Analyzing Ether’s (ETH) current price chart paints a bearish picture, which is largely justified by the 11% drop over the past month, but other traditional finance assets faced more extreme price corrections in the same period. The Invesco China Technology ETF (CQQ) is down 31% and the Russell 2000 declined by 8%.

Currently, traders fear that losing the descending channel support at $2,850 could lead to a stronger price downturn, but this largely depends on how derivatives traders are positioned along with the Ethereum network’s on-chain metrics.

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