The past week had the cumulative value of all digital currencies losing $369 billion. Meanwhile, Ethereum suffered the most as far as top-ten weekly performance is concerned. The question remains, what was against Ethereum as it declined to new June 15 lows?
The Market Bloodbath
The ongoing bear market has most cryptos on a wait & watch mode. Nevertheless, some large-cap cryptos took a massive hit amidst the recent market bloodbath. Ethereum remains the worst hit in the top ten cryptos over the previous week.
Ethereum has struggled over the past two weeks. The leading altcoin saw colossal liquidations across the marketplace. Three Arrows Capital insolvency rumors and the Beacon Chain block reorganization affected the ‘smart’ contract coin.
Nevertheless, a renowned crypto analyst Onchain Wizard tweeted about massive liquidations from 3AC. The expert trusts the 3AC wallet can trigger another fall in ETH this week. Moreover, the FOMC meeting aftermath can see Ethereum falling further as the Fed could introduce a 75 bps interest rate hike.
Exploring the Bottoms
For now, Ethereum trades at 17-month lows. The leading alt lost approximately 80% from the $4,891 ATH of November 2021. Furthermore, metrics suggest more declines for Ethereum. The latest updates by Glassnode shows ETH investors experiencing colossal losses.
Addresses at a loss hit an ATH of 38,011,693. That shows how the ongoing crash deteriorated Ether. Meanwhile, most investors met the current turmoil before recovering from the Terra debacle.
The NVT sign presented a dramatic drop as on-chain transaction volume outpaces market capitalization growth. The signal highlights another massive bearishness after hitting the 936.211 4-mont low. Moreover, the MVRV ratio touched a 0.70 2-year low, suggesting another capitulation hit.
Nevertheless, a broad market outlook remains crucial for Ethereum price actions. For now, the market attempts recoveries following the latest massive slump. Bitcoin stands at $22,163 at this publication, gaining 6.02% over the past day.
The bellwether crypto remains weak as it surrendered nearly 30% of its value within the past seven days. Also, Ethereum gained 7.94% over the previous 24hrs to $1,201. Bears remain in control of the broad market and are potentially ready for new lows.
Stay tuned for the coming crypto news.
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