Ethereum price is at risk of falling below $1,600 if a drastic sentiment improvement fails to occur in the short-term.
surfaced in early August. However, it's important to note that these instruments, unlike spot ETFs, would not involve actual ETH coins if approved.Aside from a handful of unfavorable market conditions, Ethereum's on-chain metrics point to a stagnation in demand, both in terms of ETH investments and smart contract transactions.Notably, the number of Ethereum addresses holding a minimum of $1,000 worth of ETH deposits has reached its lowest level in nearly six months.
Part of the lack of investor interest can be attributed to the fact that Ethereum's average transaction fee has remained above $4 for the past six months. Consequently, despite fluctuations in network staking metrics, there appears to be no increase in the total number of investors when using the $1,000 threshold as a proxy.
Moreover, data on decentralized application activity on the Ethereum network corroborates the notion of a dearth of new users.Even excluding the significant 60% decline in the Uniswap NFT Aggregator, the average number of active addresses across the top Ethereum network DApps decreased by 4% compared to the previous month.
From cryptocurrency games to decentralized exchanges, NFT marketplaces, and Web3 services, every sector has witnessed a decline in the number of active users, according to DappRadar. Regarding token activity on the network, with the exception of stablecoins and wrapped ETH, no project has recorded more than 13,000 unique receiver addresses over the past week.
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