Whether from a macroeconomic perspective or on-chain data, Ethereum is currently at a bottom range. On-chain data shows that prices below $1500 represent a good buying opportunity. However, if macroeconomic uncertainty leads to a recession, the possibility of Ethereum's price continuing to decline cannot be ruled out.
On-chain data also indicates a trend among investors, including retail investors, large whales, and super whales, of increasing their holdings of Ethereum. Although this trend is not as pronounced as it is with Bitcoin, indeed more on-chain investors are buying Ethereum.
Overall, Ethereum is very similar to the Russell 2000 index, both highly dependent on liquidity. Therefore, during periods of monetary tightening, there may be insufficient liquidity to support price increases, leading to slow growth.
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