The Metric That Says A Further 50% Drawdown For Ethereum Is Possible - BitcoinEthereumNews.com
Looks like the value of the indicator has declined in recent weeks | Source: glassnode In the above graph, the red, blue, and green lines denote $5 per byte, $1 per byte, and $0.15 per byte, respectively. Historically, Ethereum has formed bear market bottoms around when the network has captured a value of $0.15 per byte. Similarly, when the indicator has had a value of about $5 per byte, the crypto has topped out (however, not all tops occurred around this value). Most recently, the value of the metric has sunk down and the ETH blockchain is now storing around $0.30 per byte. Mga Kaugnay na Pagbabasa | Paano Inatake ang Ethereum Lending Platform na Ito At Nakipag-deal Sa Hacker Clearly, the indicator is at the moment double the $0.15 bottom line that the coin seems to have historically followed. This may suggest that Ethereum could still have room for up to 50% more decline before the bear bottom is finally in. However, the Glassnode report notes that this is only assuming that there is no fundamental improvement in value capture by the network. The Ethereum environment today is quite different from a few years back; NFTs, DeFi, and other modern infrastructure didnt exist then. So, because of these factors,