At the start of the week, after Bitcoin attained some bullish trend, the currency slipped dragging other major cryptocurrencies like Ethereum, Cardano, Solana among others. Ethereum, the second largest crypto by market cap, lost its crucial level of $1,300 amidst this bear movement.
Currently, Ethereum is valued at $1,278 followed by a drop of 1.61% over the last 24hrs.
It’s just not Ethereum price, even the currency’s daily active address (DAA) has seen its fall in the last four months. As per Santiment reports, Ethereum’s daily active address has dropped to 152,000 as of Oct 21 which is the lowest level since June.
This drop coincides with Ethereum losing more than 80% from its November 2021 high of $4,850. This indicates that either Ethereum users are moving out of the market or have just taken a break from ETH.
Meanwhile, the Santiment analysts are blaming these traders as weak hands who have decided to move out while Ethereum is facing a bear market.
Also this kind of disinterest among traders can also be seen in terms of Ethereum-based investment funds as the outflow is worth $3.9 million. This data was confirmed by CoinShares latest weekly report which also claimed that on a year-to-date (YTD) the outflow has hit $368.70 million.
Ethereum Price At $750 ?
At the moment, Ethereum price is depicting an ascending triangle pattern which is expected to drag the price near $750 or 40% drop from its present price trade.
On the other hand, if Ethereum price gain bull run ETH might move upwards hitting $1800 by Oct.
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