The continued crackdown on cryptocurrency mining in China has affected most cryptocurrencies, and Ethereum (ETH) has not been spared. ETH is down 20.62% in the past seven days to hit $ 1,996 on Thursday during intraday trading, according to CoinMarketCap.
ETH’s market capitalization registered $ 500 billion in April, making it more valuable than payment giants Visa and PayPal. However, its value has plunged to $ 230 billion.
The market collapse witnessed in the crypto space has also taken income from Ethereum miners, as revealed by Glassnode. The chain metrics provider explained:
“Ethereum miner revenue hit a 4-month low of $ 1,096,941.17.”
Furthermore, the number of ETH addresses containing at least 100 coins recently fell to a 21-month low.
The current crackdown on cryptocurrency-related activities in China has also affected the number of Ethereum addresses in earnings. Data science firm IntoTheBlock explained:
“The number of addresses benefiting from their positions in ETH fell below 85% for the first time since December 25, 2020. At the current price of $ 1,872.1, 83.51% of addresses currently holding ETH are in the money”.
Ethereum needs to claim $ 2,100 for the bulls
According to market analyst Michael van de Poppe:
“Ethereum has support. To get bullish, I would like to see $ 2,100 rebound as support (or earned) as the other side of the range -> $ 2,800 can then be tested. ”
Network analyst Lark Davis also noted:
In 2017, Ethereum fell 70% after an epic rally during the first half of the year. It then ran sideways for months, before exploding in an orgasmic blast at the end of the year. Just something to think about. “
However, it remains to be seen whether Ethereum’s upward momentum will continue, given that its recent bull run triggered an all-time high of $ 4,350 as more participants continued to join the ETH network.
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