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Ethereum Needs More Blockchain Activity and Adoption to Reclaim $4K

Ethereum (ETH) is facing strong resistance at the $3,400 level, with over $1 billion in leveraged short positions at risk of liquidation. Analysts suggest that for Ethereum to regain investor confidence and reclaim its previous highs, it must see increased blockchain activity, new use cases, and stronger collaboration between public and private sectors.

ETH has been in a downtrend for nearly six weeks, dropping below the $4,000 psychological mark on December 16, 2024. Since then, it has declined by more than 20%, trading at $3,260 at the time of writing, according to Cointelegraph Markets Pro data. To reverse this decline, Ethereum needs to boost fundamental blockchain activity, according to Aurelie Barthere, principal research analyst at Nansen.

Ethereum Faces Growing Competition

Barthere points out that other Layer-1 blockchains are catching up to Ethereum in terms of applications, use cases, transaction fees, and staking volume. To maintain its dominance, Ethereum must strengthen its partnerships with both private and public entities. With regulatory momentum in the U.S. becoming more favorable toward blockchain and crypto, these collaborations could be key to Ethereum’s future growth.

For Ethereum to break past the $4,000 mark again, it will need stronger investor confidence and broader ecosystem expansion. However, its ability to outpace competing blockchains and adapt to changing market conditions will play a crucial role in determining its success.

Source: cointelegraph.com

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