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Ethereum (ETH) is currently trading at $2,346.08, down $26.03 or 1.10% from the previous close. Since the market open, ETH has declined by $26.03, representing a 1.10% intraday drop. Prices have moved to the lower third of today's range, with moderate daily volatility and continued selling pressure. The decline is primarily attributed to recent cautious remarks from the Ethereum Foundation regarding decentralized stablecoins, coupled with background news of slower network activity and reduced daily users.
The Ethereum Foundation highlighted Liquity Protocol's role as a governance-minimized, immutable, and permissionless borrowing platform built on Ethereum, emphasizing its decentralized stablecoin utility and focus on transparency. ETH has recently experienced significant institutional inflows, with over $260 million in new ETF capital and major buying from large wallets, indicating sustained institutional interest. However, network activity is lower, with daily users and gas prices both declining, and the tokenization of U.S. Treasuries on-chain reaching record levels. These developments underscore institutional adoption despite a softer usage trend.
ETH remains above its MA-20 ($2,323.68) and MA-50 ($2,219.74), but well below the MA-200 ($2,703.12). Nearest support is at $2,319.96, with resistance at $2,703.12. The daily MACD signals strong bullish momentum, though oscillators indicate potential buyer exhaustion. The 5-day forecast range is $2,340 to $2,520, with consolidation likely and downside risk prevailing.
Earlier, analysts noted that Ethereum was experiencing limited momentum and faced headwinds from persistent technical resistance despite occasional institutional inflows. This article builds on that cautious view, urging traders to closely monitor for a decisive breakout or breakdown as market conditions evolve.