As of press time, ETH was trading at $1760 with a loss of 3.18% and a weekly loss of 7.3%. The transaction volume of ETH decreased by over 8% during the same time frame.

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Today, Ethereum's volatility is increasing in tandem with its pessimistic trend, as the Bollinger bands used to measure market volatility diverge from one another, illustrating the network's unpredictability.

In addition to moving below its average line, the relative strength index indicates possible adverse momentum on ethereum. As it moves in a negative direction, the MACD indicator also supports an adverse momentum, indicating a great deal of bear activity on the network.

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CZ bets on an ETH rally

Changpeng Zhao (CZ) has expressed optimism about the asset despite its recent string of new highs, despite ETH's recent downward trend. His optimistic forecast is predicated on the fact that the beacon chain smart contract now contains a record-breaking 19,375,242 ETH. According to CZ, an increase in the number of ethereum tokens that have been locked could reduce the total amount of ETH that is presently available on the market, leading to an increase in the price of ethereum.

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Despite widespread optimism regarding ethereum's future, experts are concerned about the possibility of a bear market for other cryptocurrencies.

A trader and analyst using the alias Bluntz has warned that alternative cryptocurrencies may follow a negative trend on extended timeframes and experience declines that are more severe than expected.