Ethereum Network activity is a good metric to define and understand ETH measurements and their directions. Whereas bear trends are indicated by lower lows and uptrends are indicated by higher highs.
The Ethereum market is continuing with its downtrend as the number of ETh addresses have continued to drop, as reported by Glassnode. Ethereum transaction volume is another indicator of the ETh trend is at multi-year lows and is on the decline since 2021 with a low of 1.22 million ETH on June 5. The price of Ethereum has declined subsequently, due to the reduction in payment transactions of ETH and buy NFTs.
Ethereum Testnet Now Live !
The Ethereum PoS Merge transition is planned to go live soon on Ropsten Testnet given the current hash rate. An Ethereum Core Engineer Tim Beiko has also previously stated that the network’s longest-running PoW testnet was transitioning to proof of stake with the merge scheduled on June 8.
Further CNBC’s Mad Money host Jim Cramer, a follower of cryptocurrencies bets mostly on Bitcoin and Ethereum. And a speculative investor accounting for less than 5% of a portfolio says to CNBC, ” I can’t tell you not to own crypto; I own Ethereum.”
Adding to this Cramer also stated that he purchased ETH to bid on a non-fungible token (NFT) at an event of charity. He quoted: “They wouldn’t let me do dollars. I had to buy it on Ethereum, so I did some research, and it has several characteristics that I like.”
Crypto’s long-term worth is its timeliness as a decentralized, peer-to-peer currency, which may gain widespread use over time. Cramer further adds bitcoin and Ethereum holds the largest followings and seems most legitimate. Owning crypto is a good short-term bet which gives inventors the advantage of the price swings but people should never borrow money to buy crypto as this market never stands stable and nobody knows how much it can decline in its value.
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Source: https://coinpedia.org/ethereum/ethereum-eth-price-to-continue-trending-downward/