Ethereum Price Rally Challenged by Data: Analyst Sees ‘No Demand’ for ETH
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Ethereum's recent price surge may be built on shaky ground, according to analyst 'Crypto Lion' in a 'Quicktake' on blockchain analytics platform CryptoQuant. The analyst cautioned that a correction could be imminent, citing data that suggests a lack of genuine demand for Ether, despite recent gains driven by the approval of ETH ETFs.
Crypto Lion highlighted the importance of genuine demand in maintaining price levels. Despite the optimism surrounding the ETH ETFs, the fundamental data indicates that the interest might not be as strong as anticipated.
This analysis urges investors to be cautious and consider market fundamentals while assessing the long-term viability of the current price trend. Watching for genuine user demand is crucial for sustained growth.
Source : coinedition.com ↗
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