{"id":632949,"date":"2024-08-03T20:00:30","date_gmt":"2024-08-03T20:00:30","guid":{"rendered":"https:\/\/www.uniquehot.com\/?p=632949"},"modified":"2024-08-03T10:28:52","modified_gmt":"2024-08-03T10:28:52","slug":"ethereum-price-crashes-below-3000-as-revenues-drop-to-new-lows","status":"publish","type":"post","link":"https:\/\/www.uniquehot.com\/news\/ethereum-price-crashes-below-3000-as-revenues-drop-to-new-lows\/","title":{"rendered":"Ethereum Price Crashes Below $3,000 As Revenues Drop To New Lows"},"content":{"rendered":"<p><a href=\"https:\/\/www.uniquehot.com\/news\/ethereum\/ethereum-price-headed-to-4000\/#:~:text=Crypto%20analyst%20Linda%20has%20made,to%20such%20a%20price%20surge.\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Ethereum (ETH)<\/span><\/a><span style=\"font-weight: 400\"> recently dropped below the critical and <\/span><a href=\"https:\/\/www.uniquehot.com\/news\/ethereum\/ethereum-price-reclaims-3k\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">psychological support level at $3,000<\/span><\/a><span style=\"font-weight: 400\">, raising concerns for ETH bulls. This development comes amid the continued decline in revenue generated on the <\/span><a href=\"https:\/\/www.uniquehot.com\/news\/ethereum\/ethereum-sees-notable-rise-in-daily-activity-but-why-is-price-down\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Ethereum network<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.uniquehot.com\/news\/bitcoin\/bitcoin-could-crash-to-42000\/\" target=\"_blank\" rel=\"noopener \">Crypto Analyst Warns That Bitcoin Could Crash To $42,000 If This Happens<\/a><\/div>\n<h2><b>Ethereum Crashes Below $3,000\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Ethereum is down below $3,000, with this downtrend believed to be due to several factors. One is the outflows, which the <\/span><a href=\"https:\/\/bitcoinist.com\/ethereum-spot-etfs-trading\/#:~:text=Bloomberg%20analyst%20James%20Seyffart%20has,approval%20would%20come%20this%20week.\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Spot Ethereum ETFs<\/span><\/a><span style=\"font-weight: 400\"> have been experiencing since they <\/span><a href=\"https:\/\/www.uniquehot.com\/news\/ethereum\/spot-ethereum-etfs-10000\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">began trading<\/span><\/a><span style=\"font-weight: 400\"> on July 23. <\/span><a href=\"https:\/\/x.com\/FarsideUK\/status\/39686854\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Data<\/span><\/a><span style=\"font-weight: 400\"> from Farside Investors shows that these funds again experienced a net outflow of $54.3 million on August 2.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">These funds haven\u2019t had the desired impact on ETH&#8217;s price that they were expected to have, with Ethereum down over 10% since they began trading. <\/span><a href=\"https:\/\/sosovalue.xyz\/assets\/etf\/us-eth-spot\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Data<\/span><\/a><span style=\"font-weight: 400\"> from Soso Value shows that these funds have suffered cumulative net outflows of $510.7 million since they launched. <\/span><a href=\"https:\/\/www.uniquehot.com\/news\/ethereum\/ethereum-spot-etfs-grayscale\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Grayscale\u2019s Ethereum Trust (ETHE)<\/span><\/a><span style=\"font-weight: 400\"> has been individually responsible for these outflows, with $2.12 billion flowing out of the fund since its launch.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This has put significant selling pressure on ETH, leading to its recent downtrend. ETH\u2019s price has also dropped below $3,000 thanks to the downtrend in the broader crypto market led by Bitcoin. Ethereum was bound to suffer a significant decline following Bitcoin\u2019s drop as <\/span><a href=\"https:\/\/app.intotheblock.com\/coin\/ETH\/quick-view\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> from the market intelligence platform <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-time-bull-market-intotheblock-explains-why\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">IntoTheBlock<\/span><\/a><span style=\"font-weight: 400\"> shows that both assets currently have a strong price correlation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ethereum\u2019s drop below $3,000 is undoubtedly worrisome for investors, considering how much lower it could drop. However, ETH has quickly reclaimed the $3,000 level these past three months whenever it drops below <\/span><span style=\"font-weight: 400\">this crucial support zone. As such, this time may not be any different, especially with data from IntoTheBlock indicating a strong demand for Ethereum at this price level.\u00a0<\/span><\/p>\n<figure style=\"width: 1835px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/VYfUFAzp\/\" width=\"1835\" height=\"883\"><figcaption class=\"wp-caption-text\">Ethereum is now trading at $2,991. Chart: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">If Ethereum fails to hold this range, the second-largest crypto token risks dropping to <\/span><a href=\"https:\/\/www.uniquehot.com\/news\/ethereum\/analyst-predicts-ethereum-nosedive-cautions-investors-to-prepare-for-2700-target\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">as low as $2,700<\/span><\/a><span style=\"font-weight: 400\">, a more crucial support zone for ETH considering that 11.11 million addresses bought the token at an average price of $2,647.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-632950\" src=\"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/08\/a_7c5037.png?resize=640%2C232\" alt=\"\" width=\"640\" height=\"232\" srcset=\"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/08\/a_7c5037.png?w=640 640w, https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/08\/a_7c5037.png?w=460 460w\" sizes=\"(max-width: 640px) 100vw, 640px\"><\/p>\n<p>&nbsp;<\/p>\n<h2><b>Ethereum\u2019s Revenue Drops To New Lows<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Data from <\/span><a href=\"https:\/\/bitcoinist.com\/ethereum-price-36800-by-2030-token-terminal\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Token Terminal<\/span><\/a><span style=\"font-weight: 400\"> shows that Ethereum\u2019s revenue has dropped to new lows, down by 40.4% in the last 30 days and 44.8% annually. Fees earned on the network have not been impressive either. Over the last 30 days, Ethereum users have paid <\/span><a href=\"https:\/\/bitcoinist.com\/ethereum-gas-fees-at-lowest-level-since-eth-price\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">$92.97 million in fees<\/span><\/a><span style=\"font-weight: 400\">, a 32.8% decline and 38.3% at an annual rate.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This drop in <\/span><a href=\"https:\/\/www.uniquehot.com\/news\/ethereum\/ethereum-rising-user-base-boosts-revenue-projections-predicted-to-double-to-5-billion\/#:~:text=Ethereum%20Set%20For%20Major%20Breakthrough,users%20flocking%20to%20crypto%20applications.\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Ethereum\u2019s revenue<\/span><\/a><span style=\"font-weight: 400\"> and fees can be attributed to the decline in the network&#8217;s active daily users. Further data from Token Terminal shows a 9.8% drop in <\/span><a href=\"https:\/\/bitcoinist.com\/ethereum-active-addresses-hit-2nd-highest-bottom\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Ethereum\u2019s monthly active users<\/span><\/a><span style=\"font-weight: 400\">. The same goes for the <\/span><a href=\"https:\/\/bitcoinist.com\/ethereum-ecosystem-10-million-active-wallets-weekly\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">weekly and daily active users<\/span><\/a><span style=\"font-weight: 400\">, with 20.1% and 15.3% drops, respectively.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.uniquehot.com\/news\/arb-market-plummets-14-but-new-developments-could-reverse-the-trend\/\" target=\"_blank\" rel=\"noopener \">ARB Market Plummets 14%, But New Developments Could Reverse The Trend<\/a><\/div>\n<p><span style=\"font-weight: 400\">At the time of writing, Ethereum is trading at around $2,979, down over 5% in the last 24 hours, according to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> from CoinMarketCap.\u00a0<\/span><\/p>\n<p><em>Featured image from Pexels, chart from TradingVIew<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum (ETH) recently dropped below the critical and psychological support level at $3,000, raising concerns for ETH bulls. This development comes amid the continued decline in revenue generated on the Ethereum network. Related Reading: Crypto Analyst Warns That Bitcoin Could Crash To $42,000 If This Happens Ethereum Crashes Below $3,000\u00a0 Ethereum is down below $3,000, with this downtrend believed to be due to several factors. One is the outflows, which the Spot Ethereum ETFs have been experiencing since they began trading on July 23. Data from Farside Investors shows that these funds again experienced a net outflow of $54.3 million on August 2.\u00a0 These funds haven\u2019t had the desired impact on ETH&#8217;s price that they were expected to have, with Ethereum down over 10% since they began trading. Data from Soso Value shows that these funds have suffered cumulative net outflows of $510.7 million since they launched. Grayscale\u2019s Ethereum Trust (ETHE) has been individually responsible for these outflows, with $2.12 billion flowing out of the fund since its launch.\u00a0 This has put significant selling pressure on ETH, leading to its recent downtrend. ETH\u2019s price has also dropped below $3,000 thanks to the downtrend in the broader crypto market led by Bitcoin. Ethereum was bound to suffer a significant decline following Bitcoin\u2019s drop as data from the market intelligence platform IntoTheBlock shows that both assets currently have a strong price correlation.\u00a0 Ethereum\u2019s drop below $3,000 is undoubtedly worrisome for investors, considering how much lower it could drop. However, ETH has quickly reclaimed the $3,000 level these past three months whenever it drops below this crucial support zone. As such, this time may not be any different, especially with data from IntoTheBlock indicating a strong demand for Ethereum at this price level.\u00a0 If Ethereum fails to hold this range, the second-largest crypto token risks dropping to as low as $2,700, a more crucial support zone for ETH considering that 11.11 million addresses bought the token at an average price of $2,647.\u00a0 &nbsp; Ethereum\u2019s Revenue Drops To New Lows Data from Token Terminal shows that Ethereum\u2019s revenue has dropped to new lows, down by 40.4% in the last 30 days and 44.8% annually. Fees earned on the network have not been impressive either. Over the last 30 days, Ethereum users have paid $92.97 million in fees, a 32.8% decline and 38.3% at an annual rate. This drop in Ethereum\u2019s revenue and fees can be attributed to the decline in the network&#8217;s active daily users. Further data from Token Terminal shows a 9.8% drop in Ethereum\u2019s monthly active users. The same goes for the weekly and daily active users, with 20.1% and 15.3% drops, respectively. Related Reading: ARB Market Plummets 14%, But New Developments Could Reverse The Trend At the time of writing, Ethereum is trading at around $2,979, down over 5% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image from Pexels, chart from TradingVIew<\/p>\n","protected":false},"author":594,"featured_media":632959,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,1558,8323,1946,8686],"class_list":["post-632949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-cryptocurrency","tag-eth","tag-ethereum","tag-ethusd"],"acf":[],"yoast_head":"\n<title>Ethereum Price Crashes Below $3,000 As Revenues Drop Toward New Lows<\/title>\n<meta name=\"description\" content=\"Ethereum (ETH) recently dropped below the critical and psychological support level at $3,000, raising concerns for ETH bulls. 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This development comes amid\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.uniquehot.com\/news\/ethereum-price-crashes-below-3000-as-revenues-drop-to-new-lows\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-03T20:00:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-03T10:28:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/08\/a_28d562.jpg?fit=3264%2C2448\" \/>\n\t<meta property=\"og:image:width\" content=\"3264\" \/>\n\t<meta property=\"og:image:height\" content=\"2448\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Matherson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/MathersonScott\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Scott Matherson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.uniquehot.com\/news\/ethereum-price-crashes-below-3000-as-revenues-drop-to-new-lows\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.uniquehot.com\/news\/ethereum-price-crashes-below-3000-as-revenues-drop-to-new-lows\/\"},\"author\":{\"name\":\"Scott Matherson\",\"@id\":\"https:\/\/www.uniquehot.com\/#\/schema\/person\/b728e21249a8147d980445b0ee98f18d\"},\"headline\":\"Ethereum Price Crashes Below $3,000 As Revenues Drop To New Lows\",\"datePublished\":\"2024-08-03T20:00:30+00:00\",\"dateModified\":\"2024-08-03T10:28:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.uniquehot.com\/news\/ethereum-price-crashes-below-3000-as-revenues-drop-to-new-lows\/\"},\"wordCount\":489,\"publisher\":{\"@id\":\"https:\/\/www.uniquehot.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.uniquehot.com\/news\/ethereum-price-crashes-below-3000-as-revenues-drop-to-new-lows\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/08\/a_28d562.jpg?fit=3264%2C2448\",\"keywords\":[\"altcoins\",\"cryptocurrency\",\"ETH\",\"ethereum\",\"ethusd\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.uniquehot.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.uniquehot.com\/news\/ethereum-price-crashes-below-3000-as-revenues-drop-to-new-lows\/\",\"url\":\"https:\/\/www.uniquehot.com\/news\/ethereum-price-crashes-below-3000-as-revenues-drop-to-new-lows\/\",\"name\":\"Ethereum Price Crashes Below $3,000 As Revenues Drop Toward New Lows\",\"isPartOf\":{\"@id\":\"https:\/\/www.uniquehot.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.uniquehot.com\/news\/ethereum-price-crashes-below-3000-as-revenues-drop-to-new-lows\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.uniquehot.com\/news\/ethereum-price-crashes-below-3000-as-revenues-drop-to-new-lows\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/08\/a_28d562.jpg?fit=3264%2C2448\",\"datePublished\":\"2024-08-03T20:00:30+00:00\",\"dateModified\":\"2024-08-03T10:28:52+00:00\",\"description\":\"Ethereum (ETH) recently dropped below the critical and psychological support level at $3,000, raising concerns for ETH bulls. 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