U.Today - Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is currently choppy waters as its price holds relatively steady, according to analyst technical analyst Jake Wujastyk.
Wujastyk recently noted that Ethereum is trading within a descending triangle setup. The volume-weighted average price (VWAP) anchored from late June 2022 is acting as a strong support level for the cryptocurrency over the past eight months.
Bearish signals emerge for ETH
Ethereum's price recently witnessed significant downward movement. The competitor has reached a seven-month low of $1,520, struggling to regain bullish momentum. A minor recovery was noted on Oct. 13, with the price rebounding to $1,550.Indicators like the diminished search interest for "Ethereum" – at its lowest in three years – suggest a potential drop in investor confidence.
Additionally, Ethereum's performance against the broader altcoin market has been underwhelming, lagging by 15% since July.
Against the backdrop of Ethereum's lackluster performance, Bitcoin's market dominance is on the rise, approaching the 50% mark.Ethereum's have hit an all-time low. The drop was driven by a 20% decrease in weekly transactions and active addresses and bolstered by the rise of layer-2 scaling solutions that have eased congestion on the main chain.