Ethereum Rally Exhaustion Signals Potential Downside
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Recent data suggests that Ethereum's rally above $2,400 may be losing steam. Multiple on-chain metrics indicate reduced demand and weakening network fundamentals, which could lead to further price declines. The decline in active addresses and transaction volumes points to diminished user engagement, while the decreasing total value locked (TVL) in DeFi protocols reflects a broader risk-off sentiment among investors. Additionally, the futures market shows a drop in open interest and funding rates, suggesting that speculative interest is waning. These factors combined paint a cautious picture for ETH in the near term, with a potential retracement to lower support levels if buying pressure does not resume.
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