This Hidden Ethereum (ETH) Support is Very Important..!!!
Ethereum is losing its bullish appeal, but there is a hidden support level that might save it
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Ethereum , the second largest cryptocurrency by market capitalization, has been going through a challenging phase. The once booming DeFi and NFT sectors, which significantly contributed to Ethereum's rapid rise, are currently weakening. Crowds and activity in these sectors have reduced, leading to a noticeable decline in Ethereum trading volume.
Additionally, the concept of Ethereum as “ultrasound money” is coming under scrutiny. Touted as a deflationary asset due to the EIP-1559 upgrade, which introduced a mechanism to burn some transaction fees, Ethereum's current state suggests otherwise. The resulting deflationary pressures are not as great as many people expected, raising questions about long-term economic models.
Amid these challenges, Ethereum is at a relatively low-key support level. This support, which is often overlooked in favor of more prominent price points, could play a critical role in determining ETH's trajectory in the coming weeks. If Ethereum manages to stay above this level, it could provide the foundation for a potential rebound. Conversely, a break below may worsen the bearish sentiment.
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