The Ethereum Prize will gladly see March ends after posting one of the worst performances for the first quarter ever. According to the Coinglass data, the price of ETH is with almost 50% over the past three months.
While a lot of ET’s struggle Can be linked to the uncertain climate in the general market, it is difficult to ignore its overwhelming performance even in the thick of the bull driving. These struggles indicate that there are deeper problems with the next valuable crypto ecosystem.
Reasoning behind the “falling expectations” on the ETH price
American Media Giant Bloomberg is among the latest that weighs in on the struggle of the Ethereum Ecosystem over the past year. On one March 29 ReportBloomberg assessed the performance of the ETH ecosystem and compared it mainly with the foremost Cryptocurrency Bitcoin.
Ethereum Blockchain was launched almost ten years ago in July 2015 and received attention as a rival for Bitcoin for the top spot in the Cryptocurrency industry. In its report, Bloomberg said that the ecosystem seems to be struggling to deliver on this early promise when it comes into a new decade.
Global crypto landscape seems to be improved, especially after the election of Donald Trump as US president.
Trump has been true of his pro-crypto attitude. Thanks to what Bloomberg called “Trumpian Embrace”, crypto projects appear to be set on a transformed industry with clearer and less strict regulations.
However, the American media company does not believe that this “trumpian embrace” is enough to reverse the wealth in Ethereum, which seems to fight some functional issues. One of such problems is the continuous emigration of developers from the blockchain platform.
Data from Electric Capital shows that the number of active developers working with Ethereum-related software fell by about 2024. However, the Solana network saw the influx of new developers in the past year, with a growth of 83% from year to year.
Bloomberg also emphasized some of the concerns about how Ethereum Foundation (EF) is running Without enough regard for the price of ETH. For example, EF moved traffic to Layer-2 networks in an attempt to make transactions cheaper on blockchain.
Standard chartered marked these upgrades, unfortunately, died activity and fees away from the underlying Ethereum network, which explains the baisse -like expectations for the ETH price.
Ethereum price
From this writing, the price of ETH is just over 1,800 $ level, which reflects an over 3% decline over the past 24 hours. With the deteriorating market climate, Altcoin continues to dig deep for a new one for over a year.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Image from iStock, chart from tradingview
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