In recent weeks, Ethereum has faced a decline in both prices and network activity. The number of active addresses has sharply decreased, indicating weak market participation.
Ethereum's Network Activity Declines
On February 10, Ethereum recorded 590,541 active addresses, one of the highest levels of user engagement in the analyzed period. However, numbers soon started declining. By February 25, the number of active addresses had significantly decreased amid volatile price movements.
Ethereum Weakens Against Bitcoin
CryptoElites data shows that Ethereum is weakening against Bitcoin. After initially forming a rounded bottom, the price movement transitioned into a downward trend, with strong resistance at the peak.
Increasing Selling Pressure on Ethereum
The price drop became more pronounced as selling pressure increased. Ethereum may be forming a potential support zone near the 0.02290072 BTC level, but it remains untested, and further declines could be possible.
Ethereum continues to experience pressure amid declining activity and falling prices. Market participants should consider these factors when assessing the cryptocurrency's future prospects.
