The 15% Ethereum Rally Hides a Network Problem That Just Reached Exchanges
BeInCrypto
Despite a 15% price increase, Ethereum faces bearish indicators including declining network activity and increased selling pressure on exchanges.Summary
Ethereum has experienced a 15% price rally, but underlying on-chain data suggests significant weakness. Daily active users have fallen by 33% since January, and gas prices have dropped to multi-year lows, indicating a collapse in network demand and weakening the EIP-1559 burn mechanism. Furthermore, a shift in exchange net position from accumulation to distribution suggests that investors are moving assets to exchanges to sell. Technical analysis highlights that without a decisive move above $2,466 supported by volume, the current recovery remains fragile and vulnerable to a decline toward February lows.
(Source：BeInCrypto)