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Ethereum Sees 43% Crash In Active Addresses, What's Going On?


Bearish sentiment grips Ethereum (ETH)
Amidst the ongoing crypto market turbulence, Ethereum (ETH) has taken a major hit, dropping from its all-time high of over $4,000 to around $2,500 in just a matter of weeks. This sharp decline has caused a wave of bearish sentiment among investors and traders, with many questioning the future of the second-largest cryptocurrency by market capitalization.
Reduced network activity and active addresses
One key indicator of the current bearish sentiment towards Ethereum (ETH) is the significant decline in active addresses on the network. According to on-chain data, the number of active addresses on Ethereum has dropped by 43% since its peak in May. This suggests that there has been a decrease in network usage and investor activity, further contributing to the negative market sentiment.
Ethereum (ETH) struggles to break key resistance levels
In addition to the decline in active addresses, Ethereum (ETH) has also been struggling to break through key resistance levels, further fueling the bearish sentiment. The cryptocurrency has repeatedly failed to break above the $3,000 mark, which has caused many traders to lose confidence and sell their holdings. This has resulted in a further decrease in Ethereum's price and market capitalization.
Investors turn to alternative cryptocurrencies
As a result of the bearish sentiment and price volatility surrounding Ethereum (ETH), many investors have started looking towards alternative cryptocurrencies. This has led to a surge in interest and investment in other cryptocurrencies such as Bitcoin (BTC), Binance Coin (BNB), and Dogecoin (DOGE). These alternative cryptocurrencies have seen significant gains in recent weeks, further highlighting the negative market sentiment surrounding Ethereum (ETH).
Hashtags and tickers to follow:
#Ethereum #ETH #crypto #marketvolatility #bearish #BTC #BNB #DOGE


Sentiment Result : Negative

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