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 ...
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