While the price of Ethereum is beginning to define a new trading range, it is unsurprising that ETH did not receive much attention in the last quarter as it was pulled down with Bitcoin in the severe market crackdown. On-chain activity in Bitcoin and Ethereum is at an all-time low, with demand for block-space plummeting to levels last seen in 2020.
On June 25th, Ethereum saw the greatest ever Option Expiry, causing the price of this crypto asset to lose 14 percent of its gains in just two days.
According to Glassnode, Ethereum has lost 30% from its recent high of roughly 676k addresses. Activity has dropped to 474k addresses per day, the lowest level since Q1 2021. Ethereum is settling $5 billion in ETH transfers per day, which is -68 percent less than the USD amount. Also, daily fee revenue for Ethereum has dropped from around 15k ETH/day in early May to just 1.9k ($4.34M).
Daily Active Address DAA has dropped 55% from its May high, indicating an increasing aversion to day-to-day network involvement among ETH investors.
As short-term traders departed the market, rising pressure was one of the primary drivers in ETH’s crash. Massive inflows have already been observed, while outflows have steadily improved since May 24. 117K ETH left Centralized and Decentralized exchanges on June 25th, indicating that selling pressure is finally easing. At the time of publication, 13.8k ETH inflows had been recorded, although inflows are currently much lower.
Where will ETH Price head next?
When compared to some of the other cryptocurrencies’ recovery, Ethereum’s price behaviour since June 22 has been lacklustre, implying that ETH is suffering from waning interest.
ETH Price is currently trading around $1741, its weekly pivot point, which is in line with its May lows. The price of Ethereum may begin to rise in the area of $1741 to $1431. The necessity of the hour for ETH to build a firm support is a closing over $2000 for ETH to get back in the game.