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The price of Ethereum fell on Boxing Day as gains made during Santa Claus’s run were erased.
Ethereum (Ethereum) The token fell to $3,340, down more than 5.6% from its high this week. This decline occurred as a sea of red spread throughout the cryptocurrency industry, as the market capitalization of all coins fell to $3.29 million.
Ethereum collapsed in a low-volume environment as most traders stayed away from the market over the Christmas holiday. CoinGecko data shows that 24-hour trading volume reached $17.5 billion, down from $24 billion the previous day. It recorded its lowest level in more than a month.
Open interest in Ethereum futures also continued to decline, reaching a low of $26 billion, down from this month’s high of $28 billion. Low open interest is a sign of low demand among futures traders.
However, there are still some positive signs in the Ethereum market. Data by Davey’s call It shows that the total value locked in its DeFi ecosystem has risen by 5.50% in the last 30 days. The TVL of Solana and Tron fell more than 3% during that period.
The percentage of active addresses has continued to rise in the past few months. It rose from October’s low of 0.37% to 0.57%, its highest level since August. This important data point looks at the ratio of active addresses to credited addresses. Total active Ethereum addresses have risen to more than 927,000.
More technical data shows that Ethereum’s market cap to value rose by 2.35% over the past 24 hours to 1.64. This important number looks at whether crypto assets are overvalued or undervalued. that MVRVA number Below 3.8 indicates that the asset is relatively undervalued.
Ethereum price analysis
The daily chart shows that ETH price formed a small double top pattern at $4,095 and then made a strong bearish breakout. It then rebounded and retested the neckline of the pattern at $3,500, its swing low on December 3.
ETH formed a small doji candlestick pattern on Christmas Day. A doji consists of a small body and long, upper shadows and is usually a bearish sign. Ethereum also formed a bearish flag chart pattern.
Therefore, the coin is likely to witness a bearish breakout and reach the psychological point at $3,000, down 10% from the current level.
Disclosure: This article does not constitute investment advice. The content and materials contained on this page are for educational purposes only.
