The cryptocurrency market has corrected sharply this week in solidarity with equities.
After rising well above $48K last weekend, the price of Bitcoin ($BTC) fell nearly -15% during market hours on Monday, eventually bouncing off support at $40K. Ethereum ($ETH) suffered a similar fate, crashing more than -20% from the previous week’s highs to below $3,000 per ETH.
Despite the violent move lower in the price of ETH tokens, mainstream awareness of Ethereum is still growing, with total consumer Mentions trending +101% QoQ and +376% YoY on a 7-day Moving Average.
Ethereum represents a massive ecosystem of interconnected tokens, protocols, and DApps which all require the base Ethereum blockchain to function.
Rising consumer mentions show that the Ethereum ecosystem is expanding, which will cause Demand for ETH to rise in the future.
There may be more pain in store for ETH in the coming months, but history suggests that the recent sell-off will be a transitory event.