Dark clouds continue to hover over the largest altcoin Ethereum. While ETH investors are waiting for a recovery as soon as possible, crypto analysis platform Matrixport analyzed the latest status of ETH.
Matrixport analysts noted that despite spot Ethereum ETFs seeing $500 million in inflows, the ETH price remains stagnant and has shown little to no recovery.
Analysts stated that the downward trend in Ethereum was caused by large investors, and said that large sellers are still active in the market.
Contrary to the bearish trend, analysts said there is a growing demand for Ethereum from long-term investors, noting that even members of Financial Freedom of the World are purchasing Ethereum.
Apart from the increased demand, analysts said that the upcoming Pectra upgrade of the Ethereum network, which is expected to take place in March, could act as a catalyst.
Matrixport analysts recently said that without a clear bullish catalyst, the ETH price may continue to struggle with the decline and the rally may be delayed.
“Since the end of January, Ethereum Spot ETFs have accumulated $500 million worth of ETH, but the price has not shown any significant upside. This shows that large sellers are still active in the market.
However, there appears to be increasing demand from long-term value investors, as even members of Financial Freedom of the World have shown interest in purchasing Ether.
Looking ahead, an Ethereum network upgrade in March could act as a catalyst, but unlike previous upgrades, market sentiment remains lukewarm and there is little expectation that this will lead to a major price move.
Without a clear bullish catalyst, ETH prices may continue to struggle.”
Ethereum continues to trade at $2,640 at the time of writing.
*This is not investment advice.
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