3 Ethereum price metrics point to further downside in ETH
ETH’s price continues to underperform Bitcoin’s price, and the downside is set to continue.
After rallying to 26% to $3,563 leading into the launch of spot Ether exchange-traded funds (ETFs), Ether’s (ETH) price has underperformed over the last month compared to Bitcoin and the broader crypto market. This underperformance has led traders to question whether the altcoin will have a sustained recovery. ETH’s price is down 4.3% over the last seven days and 2.11% over the last month.
To put this into context, Bitcoin’s (BTC) price climbed by 7.7% over the last 30 days, while the total cryptocurrency market capitalization rose by 6.2% over the same period.
Other top-cap layer-1 tokens, Solana’s SOL (SOL) and Cardano’s ADA (ADA), have rallied 27 27% and 6%, respectively, over the same timeframe.
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Author: Nancy Lubale
