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- Ethereum’s network activity has seen a significant drop in the past week, with the price of ETH also being pushed down by bearish market forces.
- Transaction fees on the Ethereum network have hit a six-month low, reflecting a shift in activity to Layer 2 networks.
- Despite the decrease in network usage, the price of ETH has fallen by 6%, indicating a bearish market sentiment.
As Ethereum’s network usage drops to a six-month low, bearish market forces push the price of ETH down, reflecting a shift in activity to Layer 2 networks.
Ethereum’s Network Activity Hits Six-Month Low
Recent data from IntoTheBlock reveals that transaction fees on the Ethereum network have plummeted to a six-month low, dropping by over 29% in the past week. This decrease reflects a shift in activity to over 50 live Layer 2 networks, aligning with Ethereum co-founder Vitalik Buterin’s 2020 roadmap to enhance scalability by offloading transactions from the mainnet. Meanwhile, the price of ETH has fallen by 6%, indicating a bearish market sentiment.
Bearish Market Forces Push ETH Price Down
While Ethereum’s network activity has dwindled, its price action has also turned bearish. According to CoinMarketCap, ETH’s price has dropped by more than 6% in the last seven days, trading at $2,920.99 with a market capitalization of over $350 billion. Data from Glassnode reveals that the number of addresses with balances greater than $100k has also decreased over the past week, suggesting that whales are selling their holdings. This selling sentiment is prevalent in the market, with ETH’s Exchange Inflow spiking twice last week and its Supply on Exchanges increasing, hinting at a sell-off that may have triggered the price correction.
Conclusion
In conclusion, Ethereum’s network activity has hit a six-month low, reflecting a shift in activity to Layer 2 networks. Despite the decrease in network usage, the price of ETH has fallen by 6%, indicating a bearish market sentiment. As the market continues to evolve, it will be interesting to see how these developments impact the future of Ethereum and the wider crypto market.
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