Ethereum -price rose by 6% in the last 24 hours, so that the level of $ 2,300 was recovered despite the weakening of decentralized financial statistics.
According to facts From Defi Lama the total value of Ethereum (ETH) in February in February fell to $ 50 billion of a peak of $ 71 billion in January. In addition, decentralized exchange volumes have fallen as capital flows in alternative ecosystems such as Layer 2S and Solana (SOL). DEX volume fell from $ 92 billion in December to $ 82 billion in February, a decrease of 11%.
Ethereum -network costs, on the other hand, have fallen from $ 142 million in January to barely $ 46 million in February, which indicates a decrease in demand. The upcoming pectra upgrade, which is expected to improve network functionality and the costs of the reimbursement, can be a catalyst in the short term.
However, it is still unclear whether these upgrades will be sufficient to stop the decline of Defi activity. In addition, technical problems or delays can delay the momentum and retain ETH within its current reach.
On the technical side, Ethereum still acts under the critical resistance of $ 2,846. Pressing in the Bollinger bands suggests a possible outbreak. The relative strength index at 41.40 indicates a modest momentum, although bullish power can be confirmed by a movement above 50.
Despite the rise in the price, a layer of trade volume hesitates with buyers. ETH needs a strong push resistance in the past to retain profits, or it risks a different withdrawal. A decisive break above $ 2,846 can open the path to $ 2,946, while not holding current levels can lead to a retest of $ 2,200 support.
In the meantime, Sentiment remains mixed for the Crypto top of the White House on March 7.
Although some see this as a sign of a possible reversal, analysts warn that if sufficient regulatory clarification is achieved, the top can become a “sales-the news” event and can lead to further decline.
