Is there still pain for Ethereum (ETH) owners? Key Metrics In The Chain To Follow

Thursday July 8, a broader market correction led to a major carnage in the altcoin field. The world’s second-largest crypto-ethereum (ETH) has fallen nearly 24% in the past 10 hours, approaching critical support at $ 2,000.

The price of Eth rose more than 20% from a low of $ 1750 at the end of June. Two days ago, during the final correction, the price of ETH momentarily rose above the $ 2400 level. The bearish signal on technical charts is that the price of ETH represents a rising wedge. While maintaining the overall downward trend, the ETH price will overcome the rising wedge and move towards $ 1750 levels.

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Interestingly, the recent timeline and growing wedge bear a striking resemblance to the ETH 2017.18 price movement. So the downward trend will continue and we can expect a deeper correction.

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On the other hand, long-term ethereum owners remain in profit for 356 days. So far, we have not reached an area of understatement. So there are all the possibilities that these players can decide to make extra profits, which will cause more pain.

ETH bid dwindles
While ETH points to downward momentum in the future, some key indicators in the chain suggest that there are not many reasons for panic. A large number of eth coins remain off the exchanges. July April saw the largest outflow in the history of funds from the ETH exchange since April 2017, according to Santiment data.

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A large number of eth coins enter into Ethereum 2.0 deposit contracts. The total number of ETH coins earned with Ethereum 2.0 exceeded 6 million worth $ 13 billion.

After a May high, active ethereum addresses have fallen by 40% since then. Active addresses were moved north again. However, it would be too early to confirm the upward trend based on historical charts.

Many analysts are betting

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