Ethereum experienced a notable price decline of approximately 2.4% on February 8, trading around $2,600, reflecting broader market uncertainties and macroeconomic pressures. The cryptocurrency's struggle coincides with decreased gas fees and challenges maintaining key support levels, signaling potential market consolidation.
Technical analysis indicates Ethereum failed to sustain positions above its 200-day moving average, with selling pressure pushing the price below critical support zones near $2,700. Analysts suggest a potential consolidation phase might precede a potential bullish reversal, with an anticipated buy zone between $2,100 and $2,044.
Amidst this market volatility, cryptocurrency investors are showing increasing interest in Elluminex (ELX), an emerging decentralized finance (DeFi) platform. The project distinguishes itself through integration with the Telegram Open Network (TON), which boasts over 950 million users and 1 billion transactions.
Elluminex offers advanced features including a low-slippage decentralized exchange, cross-chain trading capabilities, staking options, and an AI-powered portfolio tracker. Its current presale, priced at $0.06 per token, has already raised $325,429 and generated significant industry attention.
The platform aims to address long-standing DeFi challenges such as fragmented liquidity, complex interfaces, and limited access to early-stage opportunities. By targeting the rapidly growing TON blockchain, Elluminex seeks to expand decentralized finance accessibility and functionality.
