Will Ethereum Give In To Bears?

In 2022, ethereum has been in a bearish trend. It has dropped 40% year to date, far more than the average cryptocurrency. ETH has a long history of being one of the best-performing cryptocurrencies. Since its introduction in 2016, it has largely outperformed Bitcoin, resulting in a narrowing of the market capitalization gap between the two coins. However, this year has deviated significantly from the long-term tendency. A key incentive to buy Ether has been removed from the market due to the waning of the NFT craze. ETH is now mostly used by traders, and demand for the cryptocurrency is far lower than it was late last year. Ethereum Price Swings The market has seen no apparent direction in the last 24 hours, as a consolidation between $2,500 support and $2,600 resistance continues. As a result, we can expect a follow-up push to either side after ETH/USD breaks to either side. As a result, the Ethereum (ETH) blockchain continues to undergo significant changes. Santiment, an on-chain data source, revealed that the Ethereum (ETH) price has dropped to an eight-month low, which is welcome news for ETH investors. According to Santiment: Ethereum is bouncing rapidly around the $2,560 level currently. In addition to the extremely tight #SP500 correlation it has right now (even more than Bitcoin), it’s also seeing 8-month low fees right now. $ETH last had fees below $4.10 in mid-July. Source: Santiment Over the last 24 hours, the marke...