Ethereum Stuck at Sub-$3K Amid Buterin’s Ukraine Tweets

Ethereum Stuck at Sub-$3K Amid Buterin’s Ukraine Tweets
  • Ethereum is struggling to break past the $3,000 ceiling despite touching it briefly.
  • In late January, Ethereum displayed the Death Cross signal.
  • Vitalik Buterin has been outspoken in his condemnation of Russia’s aggression toward Ukraine.

Ethereum appears to be struggling to earn the similar media appeal of Bitcoin amid its failure to hold the $3,000 key price ceiling. This is also despite the crypto market seeing signs of recovery from a multiple-day bloodbath due to the Russia-Ukraine crisis.

ETH/USDT 1-day chart (source: TradingView)

As seen on the chart above, Ethereum’s one foot is already inside the $3,000 territory. It briefly touched the area before being shoved back to sub-$3,000 by the bears. This happened alongside Bitcoin hitting $45,000 as well before shattering beneath the sheer pressure of sellers.

However, Ethereum’s unimpressive performance cannot even be blamed on Russia’s invasion of Ukraine. The Death Cross, which appeared prior to the beginning of February, indicated that Ethereum is going to have a literal uphill battle in the first quarter of 2022 at least.

In fact, Ethereum has been surpassed by Cardano since last month in terms of 24-hour transactions, according to Messari.

Meanwhile, Russia’s aggression toward Ukraine has prompted Ethereum creator Vitalik Buterin to break his silence. Since the start of the invasion last week, he has been very vocal about his condemnation of Kremlin’s move.

Ukraine is also accepting crypto donations in ETH alongside BTC, USDT, DOT, and DOGE. 

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