Key Points
- Ethereum is nearing the $4,000 mark, despite occasional downtrends.
- The network’s blue-chip NFTs have seen a decline in prices.
Ethereum [ETH] has been slowly but steadily climbing, almost reaching the $4,000 price point.
However, as Ethereum’s price increases, the network’s top-tier NFTs have seen a decrease in value.
Ethereum’s Price Trend
The upward trend of Ethereum’s price started around 1st February, when it was roughly $2,300.
Despite some downtrends, Ethereum has managed to break into new price ranges.
Between 1 February and now, the daily timeframe chart shows an impressive increase of over 70%.
On 5th March, the price dipped by over 2%, to about $3,557.
However, Ethereum has since rebounded strongly, with an almost 8% increase, hitting over $3,800—a price not seen since 2021.
Ethereum’s Relative Strength Index (RSI) analysis shows it’s still in the overbought zone it entered on 12th February.
The RSI is currently over 80, indicating a strong bull trend and overbought condition for Ethereum.
NFT Sales Volume Decrease
Despite Ethereum’s positive trend, the network’s blue-chip NFTs are experiencing a decline.
Data analysis of Ethereum’s blue-chip NFTs, including Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Pudgy Penguins, and Azuki, shows a significant drop.
These NFTs have collectively seen a decline of over 20% in the past week.
The MAYC collection saw the largest drop, with almost a 29% decline.
Azuki followed closely with over a 27% drop, while BAYC and Pudgy Penguins saw declines of over 20% and 24%, respectively.
The seven-day NFT sales volume on Crypto Slam shows a decrease in Ethereum’s NFT volume.
The network’s sales volume over the past week was about $179 million, securing second place, just behind Bitcoin, which recorded over $183 million.
Crypto Punks was the top-ranked collection from the Ethereum network last week.
At the time of writing, Ethereum led in the 24-hour volume, with over $22 million in the last 24 hours.
Despite this, its Bored Ape Yacht Club (BAYC) collection held the third position for the highest daily volume.
