Ethereum to $3,000?: What's Stopping ETH From Reaching $3K
The Ethereum Ether cryptocurrency (ETH) has dramatically dropped in the past week, falling 7% at the time of writing. While the asset remains up over 30% in the last 30 days, the sudden drop-off certainly concerns investors. Further upside in ETH price appears unlikely due to weak network activity and rising competition among other coins. Ethereum has several factors contributing to its dip. Total deposits on the Ethereum network, measured by total value locked (TVL), fell to 25.1 million ETH on June 5, marking a 17% decline from the previous month. Key contributors to Ethereum’s TVL decline include Sky (formerly MakerDAO), which dropped 48% to 2.1 million ETH, and Curve Finance, down 24% to 1.1 million ETH. Currently, rival coins Bitcoin and Solana SOL are performing better, causing investors to look away from ETH. Additionally, as of June 5, the Ether futures premium dropped to 5%, down from 6% last week. This signals a slight reduction in leveraged long positions, though the premiu...