So the ETHMerge happened, and $ETH is down $300 since. Let's look into its price, what fundamentals have changed for the network, and what fundamentals still need to change if ETH is to deliver on five-figure price targets.
All the talk of "supply down lots" and "muh deflationary ETH"...was it all just another round of whales dumping on you?, what fundamentals have changed for the network, and what fundamentals still need to change if ETH is to deliver on five-figure price targets.First, let's take stock of the price action.
Of course, May 2021 was the peak of the bull market, with ETH trading north of $4,000. Small wonder that the transaction value and active addresses were peaking at a time when everyone and their mother was chasing the next hot shitcoin. However, only having an active address tells us little about theDemand for blockspace can easily be proxied by network fees.
Network fees surged in the 2017 bull market and were flat during the bear market. After another surge until mid-2021, they have been sliding back to bear market levels since. In fact, zooming in on network fees tells us that the DeFi-powered bull market has faded away almost entirely. Ethereum's network fees are trending towards the same levels they were at before DeFi existed:
Total fees are down 90% from bull market levels, as indicated in the first three rows of Messari's analysis:Firstly, the macro is to blame. Yes, here we go again. Macro.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CoinMarketCap News, It's October 3rd: Why Some Analysts Think Bitcoin Crash is Imminent | CoinMarketCapCryptonews of the day Mashinsky's withdrawals under the spotlight… 👀 …as Celsius faces objection over withdrawal plans 😑 Nayib Bukele slams critics of his Bitcoin Law 😡 Could Web3 decide votes in the midterms? 🇺🇸
Read more »
Why Crypto and Web3 Could Decide Votes in Next Month's Midterm Elections | CoinMarketCapA new report suggests that, in key swing states, more voters hold digital assets than a union membership ✅
Read more »
Ford’s $1 Billion Inflation Expense Helps Explain Why Car Prices Are Going UpWatch: From Ford’s famous blue badges to Lucid’s carpet and glass, auto makers have had difficulty getting hold of key components they need to make vehicles. DownsVideo explains how that could be driving up prices for consumers.
Read more »
‘Cycles of panic and neglect’: Head of Pandemic Prevention Institute explains its early deathIn a recent interview with ScienceInsider, Rick Bright explains the Pandemic Prevention Institute's early demise, what he plans to do next, and his deeper concerns about the future of pandemic prevention. ⬇️
Read more »
19 News Troubleshooters get Cleveland Heights man’s mail service restored“When I opened up the mailbox and saw three letters in there, I said oh wow, I finally got mail, no cobwebs,” Thomas added.
Read more »