Ethereum (ETH) price remains stuck below $1,900 as this new project continues to impress

Join our group Telegram to stay up to date with the latest live crypto news.

The new bearish performance of Ethereum is justified by 3 main technical indicators. So far, on-chain data does not find the favorable zone for a price breakout above $1900.

Ethereum Price Analysis: The Influence of the US Regulatory Context

The cours Ethereum remains below $1,920 for more than 2 weeks, which is of particular concern, since the last attempt at a rally that lasted only 24 hours was on May 6. Excluding this brief burst in price, the movements of Ether (ETH) price remain below $1,920 since April 21, more than 30 days.

The fault surely lies, in part, with the $8.80 average transaction fee of the Ethereum network. This is increasingly diminishing investors’ interest in the cryptocurrencyeven if the macroeconomic environment also plays an important role. In his statements of May 22, Jamie Dimon, the CEO of JPMorgan Chase believes that it is impossible to give exact predictions on the Federal Reserve monetary policy outcomedesigned to curb inflation.

You are already seeing credit tightening because the easiest way for a bank to conserve capital is to not make the next loan.

The uncertainty surrounding the impasse of the US debt ceiling between Joe Biden’s administration and the US Congress is the likely cause of worsening institutional investor sentiment towards cryptocurrencies. CoinShares also adds in its latest “Digital Asset Fund Flows Report” that outflows on digital asset investment products reached $232 million in the last 5 weeks.

The stability of total Ethereum deposits is not enough

Two key indicators impact the course of ether and suggest reduced demand for its decentralized financial ecosystem, in addition to the low leveraged buying activity of the traders professionals.

Total Ethereum network application deposits in ETH. Source: DéfiLlama

The limited processing capabilities of the ethereum network are the origin of rising gas costs, which considerably reduces the demand for the use of smart contracts. Over the past 5 weeks, the average transaction fees remained above $8, although initially there were no repercussions.

Weekly DEX volume by channel. Source: DéfiLlama

Ethereum, which has always been the leader des volumes decentralized exchange (DEX), lost that spot in the week ending May 21. Traders Witness Ethereum Network’s DEX Market Share Dropping to a drop from a high of 75.5% on March 5 to 22.3% May 21. The misfortune of Ethereum made BNB Smart Chain happy during this time, being a transition from 5.6% to 61.1%.

The number of active addresses showing interactions with DApps (decentralized applications) is also down. In the last 30 days, the most important DApps that run on the Ethereum network have experienced a 11% decrease active addresses, which likely results from traders’ dissatisfaction with high transaction costs.

AiDoge: the project in full swing in presale during the Ethereum dump

AiDoge is a promising project that introduces the concept meme-to-earn combining artificial intelligence and memes corners. It is a platform giving the possibility to its users to generate memes by exploiting the potential of artificial intelligence. Through this meme generator offer, AiDoge intends to stand out from all the useless corner memes that burst into the crypto market lately.

Currently on presalethe $AI token, on which the entire economy of is based, is available at price of $0.0000328. Only, a further price increase is expected when the fundraiser has raised $13,230,000. Knowing that the presale has already raised $13,080,000 at the time of writing, interested buyers had better rush in, especially ahead of the expected listing at $0.0000336.

AidDoge also plans to bring together a strong community around his project thanks to an innovative platform accessible to the general public. In concrete terms, the AiDoge platform is based on the textual instructions of users in order to create memes using advanced AI technology. The AI ​​processes a large amount of data to ensure the attractiveness and relevance of the generated memes.

Crypto-assets are a risky investment.

The $AI token: the currency at the heart of Aidoge

To retain its community, AiDoge intends to reward the creators of popular memes on a public feed which will be set up for the dissemination of memes. To determine the best creations, users will have to vote. As a result, the most committed creators will be able to witness the valuation of their work and receive $AI tokens.

Indeed, the $Ai token is at the center of this ecosystem since it serves as a currency for the purchase of the credits necessary for the generation of memes. The latter will not only be useful for rewards, but also to give voting rights to community members. Finally, you can stakes your $AI tokens to maximize your returns.

Sources : AiDoge, CoinTelegraph

On the same subject :

This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making any investment decisions.

Exit mobile version