Ethereum

<ul> 
 <li><strong>Ethereum’s fate hinges on its ability to break free from the prevailing momentum.</strong></li> 
 <li><strong>ETH stands at $1,840, reflecting a marginal 0.36% decline, at the time of writing.</strong></li> 
</ul> 
<p>Ethereum, the second-largest cryptocurrency by market capitalization, finds itself ensnared in a tug-of-war between bullish and bearish forces, leading to a struggle in breaking through the $2000 mark. ETH&nbsp; had a 4.36% decline over the span of a month. Moreover, it is further echoed by a 3.04% drop in trading volume within the last 24 hours and a 0.30% reduction in market cap over the same period.<br><br>Despite some recent positive developments, such as the launch of <a href="https://thenewscrypto.com/paypal-dives-into-crypto-market-with-pyusd-stablecoin-launch/" target="_blank" rel="noopener noreferrer nofollow">PayPal’s</a> Ethereum-based stablecoin and rising interest in Ether-based exchange-traded funds (ETFs) by financial giants, the network is grappling with a notable challenge – exorbitant gas fees. These fees, incurred for transactions including those involving smart contracts, have been averaging over $4 for the past two months. This has taken a toll on the demand for <a href="https://thenewscrypto.com/ethereum-eth-price-consolidates-amid-low-volatility/" target="_blank" rel="noopener noreferrer nofollow">Ethereum’s</a> decentralized applications (DApps), dampening the ecosystem’s growth.</p> 
<p>One critical metric to monitor in assessing Ethereum’s user engagement is the utilization of DApps. The number of active addresses using DApps has notably decreased, with a 25% drop in active users over the last 30 days.</p> 
<h3 class="wp-block-heading" id="h-bulls-vs-bears">Bulls vs Bears&nbsp;</h3> 
<p>Moreover, the ETH daily price chart reveals a bearish sentiment. The price has been consolidating with bears having an edge. However, the daily Relative Strength Index (RSI) paints a mixed picture, with ETH hovering just below the neutral zone, marked by an RSI value of 45. As of now, according to CoinMarketCap, Ethereum stands at $1,840, reflecting a marginal 0.36% decline.</p> 
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  <img decoding="async" width="661" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap.png" alt="" class="wp-image-80689" srcset="https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap.png 661w, https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap-150x81.png 150w" sizes="(max-width: 661px) 100vw, 661px"> 
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    Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a> 
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 </figure> 
</div> 
<p>Looking ahead, Ethereum’s fate hinges on its ability to break free from the prevailing momentum. Should the current pattern continue, the potential for a trend breakthrough remains uncertain. In a bullish scenario, the ETH/USDT pair might witness a surge to $1,917, and possibly even reach $2,018. On the other hand, a downward trend could potentially drag the price even further, with experts cautioning of potential declines to $1,600 or even $1,458. Finally, the battle between bears and bulls remains an ever-evolving narrative.&nbsp;</p> 
<p><em>Will ETH Break its Bearish Pressure? Share your thoughts by tweeting us at @The_NewsCrypto</em></p>

Ethereum Struggles Amidst Market Uncertainty; Find Out More

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