Ethereum's transaction volume has increased, active addresses have reached new highs and daily fees exceed Bitcoin, but the price of ETH / USD has not risen in recent weeks
Ethereum, the second largest cryptocurrency by market cap, has contributed just over 1% to its value in the past 24 hours.
At the beginning of the month, ETH / USD rose to a high of USD 252, but the bulls saw no major movement in sideways trading.
Price weak despite massive fundamental growth!
There was an explosion of activities in the Ethereum blockchain in June, thanks in part to a DeFi boom. The performance of DeFi assets last month was reminiscent of that of the bull market in 2017 when the first coin offers (ICOs) took the market by storm.
Ethereum also saw an increase in active addresses to all-time highs of over 492,000, with more ethers leaving exchanges as the number of Hodler increases or users block the value in DeFi logs.
The network of the second largest coin also recorded a record increase in transaction volume. Network fees reached multi-year highs to exceed Bitcoin's. Although some of the volumes have been linked to spam by miners, usage has reached new levels, suggesting massive fundamental growth.
However, the price of the cryptocurrency has not reached the rapid upward trend as stated in the fundamentals. Rather, ETH / USD is currently more bearish and a break below key support levels could lead to sell-off pressures lowering prices.
Technical short term technical outlook from Ethereum
On the technical side, ETH / USD continues to fight seller rejection that prevents a break above the key limit in the range of $ 230 to $ 250.
Last week, Ethereum hit price levels near the big resistance at $ 250. However, buyers were unable to maintain momentum, and ETH / USD fell more than 6% to lows of $ 215, which were characterized by the 23.6% fib retracement.
The coin could still break above the rising trend line and close the month above $ 230. However, if sellers push harder, prices could test last week's lows at $ 215 and further toward 200 EMA at $ 200.
Immediate resistance is found on the upside at $ 230 psychological and above $ 240 and then $ 245.90, which are characterized by 61.8% and 78.6% fib retracement values, respectively. A break above that level opens USD 250 and a rally at June highs.
The RSI is currently below 50, suggesting that Ethereum is facing declining momentum.
At press time, the pair is trading at $ 225 after gaining 1.57% in the past 24 hours. The cryptocurrency is also seeing similar gains against Bitcoin as the pair changes hands at 0.02477.