Here’s Why Ethereum Can’t Find Support Right Now

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Poor network activity, low transaction fees, and a reduced ETH burn rate have increased inflationary pressures on Ethereum, sustaining the decline.

The past few months have been difficult for the Ethereum ecosystem, with ether (ETH) falling to levels not seen since 2020. ETH is significantly underperforming compared to bitcoin (BTC) and some major cap altcoins. Worse still, the bleeding does not appear to be stopping soon.

The number of active addresses on Ethereum has been reducing steadily since the beginning of the year. In addition, average fees per transaction and per block have plummeted to record lows. As a result of the low fees and fewer active addresses, the ETH burn rate has fallen to its lowest level since the Merge.


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