[Analysis] "Ethereum (ETH) in a Downtrend Without Rebound Catalysts... Investors Seem to Capitulate"
Summary
- Ethereum is reportedly showing a downtrend without rebound catalysts.
- Matrixport reported that traders seem to have capitulated, leading to a decline in Ethereum's dominance.
- Ethereum's bullish momentum is analyzed to be possible only next year.
Ethereum (ETH) is reportedly in a downtrend without any catalysts for a rebound. There are also forecasts suggesting that Ethereum's bullish momentum might not appear until next year.
On the 23rd, cryptocurrency service provider Matrixport stated in its 'Chart of the Day' report that "the recent rebound of altcoins, including Ethereum, seems to be temporary," and "there are no clear catalysts to support a rebound for Ethereum. Traders seem to have capitulated (mass selling)."
The report noted, "Ethereum's dominance (the proportion of Ethereum's market capitalization in the total cryptocurrency market) is declining again," and "despite billions of dollars flowing in since the launch of the Ethereum spot ETF this year, there has been no significant upward effect."
It added, "Ethereum bulls need to be patient," and "a sustained bullish trend might not appear until next year."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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