<h2 id="key-points">Key Points</h2>
<ul>
 <li>Ethereum’s network activity and fees have hit a 9-month low.</li>
 <li>Despite bearish market trends, there are potential signs of a price hike for Ethereum.</li>
</ul>
<p>The king of altcoins, <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum (ETH)</a>, has been experiencing a decline in its network activity.</p>
<h2 id="network-activity-and-fees-dropped">Network Activity and Fees Dropped</h2>
<p>A key metric of Ethereum’s blockchain network activity recently hit a record low.</p>
<p>IntoTheBlock shared an update, indicating that Ethereum’s fees have plummeted to a 9-month low of $18.2 million.</p>
<p>Remarkably, despite the drop in fees, the blockchain’s revenue remained high.</p>
<p>Data from Token Terminal showed that Ethereum topped the list of cryptocurrencies in terms of revenue over the past six months.</p>
<p>Tron and MakerDAO also made it to the top three on the same list.</p>
<h2 id="eth-bears-and-potential-trend-reversal">ETH Bears and Potential Trend Reversal</h2>
<p>Meanwhile, bearish market trends have pushed Ethereum’s price down.</p>
<p>According to CoinMarketCap, Ethereum’s price has lost more than 9% of its value in the last week, with a 6% drop in the last 24 hours.</p>
<p>However, a trend reversal may be on the horizon.</p>
<p>Lookonchain recently revealed that a smart money entity with a 100% positive track record purchased Ethereum, suggesting a potential price hike.</p>
<p>A decline in Ethereum’s NVT ratio was also noted, indicating that the asset may be undervalued and the chances of a price hike could be high.</p>
<p>Lastly, the Ethereum’s whale vs retail delta had a value of 3, indicating that whale positions were more, which could suggest that big-pocketed players in the market have confidence in the token.</p>

Ethereum Faces Test: Record Low Fees Coupled with 6% Price Drop

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CoinEagle.com

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