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DailyBubble News

Ethereum network dips to 6-month low – Here’s how it affected ETH

Ethereum’s fees hit a six-month low in the past seven days, with ETH down by 6% and metrics looking bearish. The network usage of Ethereum plummeted to a six-month low as Layer 2 solutions gained popularity, aligning with Vitalik Butarin’s 2020 roadmap to enhance scalability.

The drop in fees reflected a shift in activity to over 50 live Layer 2 networks. Overall activity on the network decreased, along with Daily Active Addresses. ETH’s Daily Transactions also followed a similar trend, causing a drop in blockchain revenue.

Despite a decline in gas prices, Ethereum’s network activity dwindled, leading to a negative price action. ETH’s price dropped by more than 6% in the last seven days, trading at $2,920.99 with a market capitalization of over $350 billion.

The number of addresses with balances greater than $100k decreased, indicating selling by whales. Additionally, sentiment data showed an increase in Exchange Inflow and Supply on Exchanges, hinting at a sell-off triggering the price correction.

The negative price action impacted market sentiment, with Ethereum’s Weighted sentiment dropping in the last few days. Technical analysis suggested a possible further price drop, as ETH was below its 20-day Simple Moving Average and touched the lower limit of the Bollinger Bands.

In conclusion, Ethereum’s network activity and price action have turned bearish, with selling sentiment dominating the market. The outlook for ETH’s price remains uncertain, with indicators pointing towards a potential downward trend. The following article is about the benefits of regular exercise for overall health and well-being:

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