Ethereum News: ETH Faces One of Its Worst Charts Ever, Lagging Behind BTC and Other Major Cryptos

In the world of cryptocurrencies, Ethereum (ETH) has always been a prominent player. However, recent price action has painted a picture that is not so rosy for the second-largest digital asset. Here’s a closer look at what’s been happening with ETH and why analysts are concerned.

Ethereum’s Price Action Paints One Of Its Worst Charts Ever

Ethereum, the second-largest digital asset, has been lagging behind other major crypto assets, raising questions about its short-term prospects. While coins like BTC have achieved new all-time highs in the ongoing cycle, ETH has been on a downtrend after revisiting the $4,000 level. A crypto analyst considers the current action as one of the worst since the asset entered the market, highlighting that ETH has ’one of the worst charts of all time’ in the ongoing bull market cycle.

Ethereum whales dive in as ETH tests critical level – What’s next?

Ethereum’s MVRV ratio indicates an undervalued market with a ratio of 0.9 at press time. Historically, MVRV ratios below 1 have been excellent entry points for ETH investors. Whale activity is surging, with 44% of addresses driving the market. ETH prices are currently testing a key demand zone on the weekly chart at around $1.6K, which could be critical in determining its next move. On shorter time frames, Ethereum is showing signs of a bullish reversal.

Ethereum Surpasses $2,000, Eyes $2,400 for Bullish Momentum

Ethereum (ETH) has surpassed the $2,000 mark today, signaling a significant milestone in the cryptocurrency’s ongoing market performance. As Ethereum’s price crosses this psychological threshold, investors and analysts are now focusing on the next major resistance level, around the $2,400 zone. Successfully conquering this level could indicate a bullish shift for ETH, potentially setting the stage for further price appreciation. At the time of writing, Ethereum is trading at approximately $2,030.28, reflecting a steady rise in value and momentum.

Ethereum Price Forecast: ETH Moves Above $2,000, Holesky Testnet Discontinued

The Ethereum Foundation announced it will end the usage of the Holesky testnet on September 30 due to extensive inactivity leaks. The recently launched Hoodi testnet will serve as a substitute. Ethereum (ETH) traded above $2,020 on Wednesday following the announcement. ETH could recover the $2,200 key level but faces a hurdle NEAR $2,070.