Ethereum

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<a href="https://www.newsbtc.com/news/ethereum/ethereum-price-headed-to-4000/#:~:text=Crypto%20analyst%20Linda%20has%20made,to%20such%20a%20price%20surge." target="_blank" rel="noopener ">Ethereum (ETH)</a> recently dropped below the critical and <a href="https://www.newsbtc.com/news/ethereum/ethereum-price-reclaims-3k/" target="_blank" rel="noopener ">psychological support level at $3,000</a>, raising concerns for ETH bulls. This development comes amid the continued decline in revenue generated on the <a href="https://www.newsbtc.com/news/ethereum/ethereum-sees-notable-rise-in-daily-activity-but-why-is-price-down/" target="_blank" rel="noopener ">Ethereum network</a>. 
<h2 id="b-ethereum-crashes-below-3-000-b">Ethereum Crashes Below $3,000&nbsp;</h2> 
Ethereum is down below $3,000, with this downtrend believed to be due to several factors. One is the outflows, which the <a href="https://bitcoinist.com/ethereum-spot-etfs-trading/#:~:text=Bloomberg%20analyst%20James%20Seyffart%20has,approval%20would%20come%20this%20week." target="_blank" rel="noopener nofollow">Spot Ethereum ETFs</a> have been experiencing since they <a href="https://www.newsbtc.com/news/ethereum/spot-ethereum-etfs-10000/" target="_blank" rel="noopener ">began trading</a> on July 23. <a href="https://x.com/FarsideUK/status/1819580319839686854" target="_blank" rel="noopener nofollow">Data</a> from Farside Investors shows that these funds again experienced a net outflow of $54.3 million on August 2.&nbsp; 
These funds haven’t had the desired impact on ETH’s price that they were expected to have, with Ethereum down over 10% since they began trading. <a href="https://sosovalue.xyz/assets/etf/us-eth-spot" target="_blank" rel="noopener nofollow">Data</a> from Soso Value shows that these funds have suffered cumulative net outflows of $510.7 million since they launched. <a href="https://www.newsbtc.com/news/ethereum/ethereum-spot-etfs-grayscale/" target="_blank" rel="noopener ">Grayscale’s Ethereum Trust (ETHE)</a> has been individually responsible for these outflows, with $2.12 billion flowing out of the fund since its launch.&nbsp; 
This has put significant selling pressure on ETH, leading to its recent downtrend. ETH’s price has also dropped below $3,000 thanks to the downtrend in the broader crypto market led by Bitcoin. Ethereum was bound to suffer a significant decline following Bitcoin’s drop as <a href="https://app.intotheblock.com/coin/ETH/quick-view" target="_blank" rel="noopener nofollow">data</a> from the market intelligence platform <a href="https://bitcoinist.com/bitcoin-time-bull-market-intotheblock-explains-why/" target="_blank" rel="noopener nofollow">IntoTheBlock</a> shows that both assets currently have a strong price correlation.&nbsp; 
Ethereum’s drop below $3,000 is undoubtedly worrisome for investors, considering how much lower it could drop. However, ETH has quickly reclaimed the $3,000 level these past three months whenever it drops below this crucial support zone. As such, this time may not be any different, especially with data from IntoTheBlock indicating a strong demand for Ethereum at this price level.&nbsp; 
<img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/VYfUFAzp/" width="1835" height="883"> 
If Ethereum fails to hold this range, the second-largest crypto token risks dropping to <a href="https://www.newsbtc.com/news/ethereum/analyst-predicts-ethereum-nosedive-cautions-investors-to-prepare-for-2700-target/" target="_blank" rel="noopener ">as low as $2,700</a>, a more crucial support zone for ETH considering that 11.11 million addresses bought the token at an average price of $2,647.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-632950" src="https://www.newsbtc.com/wp-content/uploads/2024/08/a_7c5037.png?resize=640%2C232" alt="" width="640" height="232" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/a_7c5037.png?resize=640%2C232?w=640 640w, https://www.newsbtc.com/wp-content/uploads/2024/08/a_7c5037.png?resize=640%2C232?w=460 460w" sizes="(max-width: 640px) 100vw, 640px" data-recalc-dims="1"> 
&nbsp; 
<h2 id="b-ethereum-s-revenue-drops-to-new-lows-b">Ethereum’s Revenue Drops To New Lows</h2> 
Data from <a href="https://bitcoinist.com/ethereum-price-36800-by-2030-token-terminal/" target="_blank" rel="noopener nofollow">Token Terminal</a> shows that Ethereum’s revenue has dropped to new lows, down by 40.4% in the last 30 days and 44.8% annually. Fees earned on the network have not been impressive either. Over the last 30 days, Ethereum users have paid <a href="https://bitcoinist.com/ethereum-gas-fees-at-lowest-level-since-eth-price/" target="_blank" rel="noopener nofollow">$92.97 million in fees</a>, a 32.8% decline and 38.3% at an annual rate. 
This drop in <a href="https://www.newsbtc.com/news/ethereum/ethereum-rising-user-base-boosts-revenue-projections-predicted-to-double-to-5-billion/#:~:text=Ethereum%20Set%20For%20Major%20Breakthrough,users%20flocking%20to%20crypto%20applications." target="_blank" rel="noopener ">Ethereum’s revenue</a> and fees can be attributed to the decline in the network’s active daily users. Further data from Token Terminal shows a 9.8% drop in <a href="https://bitcoinist.com/ethereum-active-addresses-hit-2nd-highest-bottom/" target="_blank" rel="noopener nofollow">Ethereum’s monthly active users</a>. The same goes for the <a href="https://bitcoinist.com/ethereum-ecosystem-10-million-active-wallets-weekly/" target="_blank" rel="noopener nofollow">weekly and daily active users</a>, with 20.1% and 15.3% drops, respectively. 
At the time of writing, Ethereum is trading at around $2,979, down over 5% in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener nofollow">data</a> from CoinMarketCap.&nbsp; 
Featured image from Pexels, chart from TradingVIew

Ethereum Price Crashes Below $3,000 As Revenues Drop To New Lows

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