🔷On April 9, Ethereum’s price fell to $1,384 — its lowest level since March 2023. CryptoQuant analyst known as theKriptolik pointed out three main reasons behind the bearish trend: a $81.1 million capital outflow from Ethereum ETFs, a 48% drop in open interest on futures, and high network fees making ETH increasingly uncompetitive. The latter is particularly critical, as Ethereum now lags behind BNB Smart Chain in both activity and dApp numbers.
🔷Ethereum has lost 54% of its value since the start of the year, and the analyst anticipates further declines. ETH’s current price has dropped below its realized value, signaling a capitulation phase — a period when investors sell off en masse. If this trend continues, the price could plunge to as low as $1,000.