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Ethereum price is pinned below $1.9K, and data suggests that is unlikely to change in the short–term

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Ether’s price has been stuck below $1,920 for the past 16 days, which is especially concerning since the latest breakout attempt on May 6 lasted less than 24 hours. Excluding this brief price pump, Ether’s (ETH) journey below $1,920 was initiated on April 21, over 30 days ago.

One can likely blame the Ethereum network’s $8.80 average transaction fee for investors’ diminished appetite, but the macroeconomic environment has also played an important role. On May 22, JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon said it is impossible to predict the outcome of the Federal Reserve’s monetary policy, designed to curb inflation.

Ethereum network applications’ total deposits in ETH. Source: DefiLlamaWeekly DEX volume by chain. Source: DefiLlama30-day Ethereum DApp activity. Source: DappRadarEther 2-month futures annualized premium. Source: Laevitas

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