- Ethereum’s active addresses drop to 361K as the price falls below $1,900, signaling weaker market participation.
- ETH loses strength against Bitcoin, forming lower highs and lower lows, reinforcing a bearish market trend.
- Market sentiment weakens as ETH faces selling pressure, with potential support near 0.0229 BTC remaining untested.
Crypto analyst Ali illustrates Ethereum’s network activity decelerating with a fall in price. Active addresses have dropped to 361,078, showing fewer participants in the ecosystem. The price, having earlier hit an all-time high of $2,659.41 in early February, has now fallen to $1,887.50 which is a result of market sentiment and fewer transactional activities.
Ethereum’s Network Shows Declining Engagement
On February 10, Ethereum recorded 590,541 active addresses. This became one of the highest levels of user engagement within the analyzed period. However, shortly after this peak, both active addresses and prices began a downward trajectory. By February 25, the number of active addresses had dropped. Meanwhile, Ethereum’s price displayed volatile movements, reflecting fluctuating market sentiment.
Between late February and early March, Ethereum continued losing active users. The price followed a downward pattern, experiencing short-term rebounds before resuming its decline. On March 6, Ethereum saw a brief spike in active addresses. However, this increase was short-lived, as both metrics continued to drop in the following days. By March 16, the downward trend solidified.
Ethereum Loses Strength Against Bitcoin
Ethereum’s performance against Bitcoin has also weakened, CryptoElites data shows. The price movement followed a curved pattern, initially forming a rounded bottom before transitioning into a downward trend. After reaching a peak, the cryptocurrency faced strong resistance and began to lose momentum.
The price drop became more pronounced as selling pressure increased. At the moment Ethereum may be forming a potential support zone near the 0.02290072 BTC level. However, this level remains untested, and a further drop could be possible. The trend has been characterized by consistent lower highs and lower lows. Upward arrows on the chart suggest possible price fluctuations, but Ethereum must regain buying pressure to stabilize.
