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A Correction Ahead of Ethereum

Ethereum is currently being held by a significant support level that sits around $200. However, its on-chain volume appears to have leveled off for over the past couple of weeks, based on data from Santiment.

Ever since the peak of $227 on April 30, the on-chain volume of the smart contracts giant has been steadily declining while its pricer appears to have entered a consolidation phase. This significant divergence between price and volume may suggest that Ether could be bound for a steep correction.