The stormy seas of crypto are not calming. Trump’s revised tariff, along with lower user trust, has sent the community into turmoil. Not only that, but many tokens cascaded hard and were wiped out completely. One such token is Ethereum.
Earlier this week, ETH showed signs of retesting the $2,000 mark, instantly sending a wave of elation across holders. People were finally anticipating that the token might move in a positive direction. However, even after several attempts, that did not happen.
ETH failed to break the $2,000 mark as it cascaded back to square one. At press time, ETH is hovering around the $1,767.18 mark with a 2.72% downtrend. This price is reminiscent of the token’s price back in October 2023.
ETH Bleeding
ETH is currently performing poorly. However, there seems to be general excitement and hope for the token. People claim that the token can show some traction at the end of the cycle.
While some believe this hope can turn into something positive, others claim that this is not enough. From the perspective of on-chain analytics, the token’s price might struggle to break the $1,900 mark.
At press time, ETH holders are sitting on a massive unrealised loss. This might eventually increase the general selling pressure on the token and make matters worse. This will eventually create a vicious cycle in which ETH might struggle to sell the token near the $1,900 mark. \
Then again, Santiment data says something different. At press time, the Weighted Sentiment has mostly remained in the positive region. Weighted sentiment shows that people are still optimistic about the token ad and show signs of bullish recovery.
On the other hand, industry experts also believe that the 1.9K resistance level can push the price further down, resulting in major losses.
