Key Points
- Ethereum’s network activity and fees have hit a 9-month low.
- Despite bearish market trends, there are potential signs of a price hike for Ethereum.
The king of altcoins, Ethereum (ETH), has been experiencing a decline in its network activity.
Network Activity and Fees Dropped
A key metric of Ethereum’s blockchain network activity recently hit a record low.
IntoTheBlock shared an update, indicating that Ethereum’s fees have plummeted to a 9-month low of $18.2 million.
Remarkably, despite the drop in fees, the blockchain’s revenue remained high.
Data from Token Terminal showed that Ethereum topped the list of cryptocurrencies in terms of revenue over the past six months.
Tron and MakerDAO also made it to the top three on the same list.
ETH Bears and Potential Trend Reversal
Meanwhile, bearish market trends have pushed Ethereum’s price down.
According to CoinMarketCap, Ethereum’s price has lost more than 9% of its value in the last week, with a 6% drop in the last 24 hours.
However, a trend reversal may be on the horizon.
Lookonchain recently revealed that a smart money entity with a 100% positive track record purchased Ethereum, suggesting a potential price hike.
A decline in Ethereum’s NVT ratio was also noted, indicating that the asset may be undervalued and the chances of a price hike could be high.
Lastly, the Ethereum’s whale vs retail delta had a value of 3, indicating that whale positions were more, which could suggest that big-pocketed players in the market have confidence in the token.
