Ethereum network
Ethereum price falls below $1.1K and data suggests the bottom is still a ways away
Ether (ETH) price nosedived below $1,100 in the early hours of June 14 to prices not seen since January 2021. The downside move marks a 78% correction since the $4,870 all-time high on Nov. 10, 2021. More importantly, Ether has underperformed Bitcoin (BTC) by 33% between May 10 and June 14, 2022, and the last time a similar event happened was mid-2021. ETH/BTC price at Binance, 2021. Source: TradingView Even though Bitcoin oscillated in a narrow range two weeks before the 0.082 ETH/BTC peak, this period marked the “DeFi summer” peak when Ethereum’s total value locked (TVL) catapulted to $93 billion from $42 billion two months earlier. What’s behind Ether’s 2021 underperformance? Before jumping to conclusions, a broader set of data is needed to understand what led to the 3...
