Ethereum (ETH) has returned to the point it was a month and a half ago due to the negative network activity and Bitcoin drop in the last days.
Nowadays, when the crypto money market is losing blood, it seems that things are not going well on the Ethereum side. The memecoin rush that started with Pepe has benefited Ethereum network activities a lot. However, in recent years, the negativities experienced in Ethereum have also been reflected on the price side.
ETH also fell below the price point on March 29, falling to the level of $ 1,750. The downward trend continues to affect the fate of Pepe in particular.
What’s Happening in Ethereum (ETH)?
Yesterday evening, it was seen that the Ethereum (ETH) network was down for 25 minutes. Ethereum mainnet transactions could not be fully confirmed during this time. Looking at the blockchain data, it was seen that block production continued during these 25 minutes, but there were problems in the validation process.
Aware of the negative effects of this situation on Ethereum, the developers quickly reacted. Ethereum developers stated that they are investigating what caused the problem and will provide a solution.
The money outflows experienced by Pepe, which appeared on the Ethereum network, also affected the Ethereum network. At the time when Memecoins became the rage, the Ethereum network was the most actively used blockchain. However, network activity has been trending downwards lately.
In addition, the fact that MEV bots earn millions of dollars on the Ethereum network and that they are in continuous transactions were among the topics discussed. The Ethereum network faced high transaction fees, leading investors to walk away.
In the midst of all these processes, it was also noteworthy that Vitalik Buterin moved his ETHs. The data revealed by Lookonchain attracted intense attention from thousands of users. Also, the crypto market continues to accompany the strong drop experienced by Bitcoin. It was seen that the fall of Bitcoin was followed by Ethereum.
It is noteworthy that Ethereum’s network activities and ETH’s decline towards its prices in March. The popular cryptocurrency has started to descend to support levels. If ETH continues its downtrend, there is a support zone in front of it at $1,705. If this support is also lost, the decline can be realized as low as $ 1,660. Finally, breaking this support can pull the ETH price up to $ 1.514.
If ETH turns bullish, the $1,845 level stands out as a strong resistance. Breaking this point could push the ETH price up to $1,900.
All these processes may differ according to the state of the market and the processes experienced by Bitcoin. Potentially, the crypto market contains many risks.
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