As per the co-creator of Alliance DAO, Ethereums technological metrics have declined to levels that are comparable to the crashes of 2016, 2018, and 2022.
Despite the unsettling parallels between Ethereums present market standing and its previous lows, Wang Qiao from Alliance DAO is still optimistic, confidently asserting that ETH remains “the most likely” choice for organizational acceptance.
Ethereum (ETH) is gradually approaching oversupplied territory, raising worries about whether it can recover its record highs before this bull run concludes. Information from Crypto Waves shows that as of March 13, ETH has already reached a “fragile” zone and is moving toward “oversupply,” a circumstance that other cryptocurrencies, including TRON (TRX), Maker (MKR), and Lido (LDO), are already acquainted with.
Wang Qiao, co-creator of Web3 accelerator Alliance DAO, emphasized that ETH’s current oversupply situation is approximately equivalent to the fallout from the 2021 Terra implosion, the severe bear market of 2018, and the 2016 DAO hack; do you recall that? The DAO then generated an astounding $150 million in ETH through a token sale, only to be hacked as a result of code flaws. He continued, “It’s challenging to avoid buying at these prices,” but he did admit that ETH may decline further before any substantial comeback.
As previously reported by crypto.news, Ethereums price has been falling for three weeks as investors remain reluctant. Santiment data, which reveals a steady drop in Ethereums daily active addresses, adds to the gloom. The network only recorded 293,000 active addresses on March 12, which is significantly less than the 717,000 recorded earlier this year.
In the near term, the route of minimum resistance for ETH seems to be downward, with $1,500 serving as the initial crucial threshold to monitor. ETH may fall toward the subsequent psychological support level at $1,000 if it falls below that level, representing a potential 45% decrease from its current price. However, exceeding the $2,500 resistance would render the negative prognosis invalid. Despite the dismal mood, the co-creator of Alliance DAO is still steadfast in his conviction that ETH is “the most probable field for organizational adoption.” Toncoin (TON) Value Forecast for March 26th
