Ethereum price charts reflect weakness, but inflow to LSDFi could prevent an ETH sell-off
ETH price still struggles to conquer the $2,000 level, but growth in LSDFi could prevent a sharper sell-off. Ethereum (ETH) has been on a downward trend with the $2,000 level forming a crucial resistance level in recent months. While Bitcoin (BTC) recorded 11.94% gains moving past $30,000 in June after BlackRock filed an ETF application with the U.S. Securities and Exchange Commission, the upside in ETH stayed around 3.16%. In the first week of July, buyers attempted to move the price past crucial resistance at around $1,900, however, a failed breakout exposed the price to further correction. The Ethereum network also witnessed a decline in activity, evident in the one-year low levels in total transaction fees. The price of leading NFT collections on Ethereum plummeted, while DeFi activity stalled due to low yields. The 7-day moving average of total transaction fees paid on Ethereum. Source: Glassnode However, the downside may be restricted as the demand for liquid staking derivati...