Ethereum

<ul> 
 <li><strong>The Block reports a 5.7% monthly decline in Ethereum trading volume.</strong></li> 
 <li><strong>The ETH price has rebounded after testing the $1,600 threshold.</strong></li> 
</ul> 
<p>There has been a notable uptick in the number of transactions made to distinct addresses on the Ethereum network, with the daily peak hitting 467,000. This notable uptick is a potent sign of growing prominence. Investors have been keeping a close eye on Ethereum network activity since the first Ethereum-based ETF applications were announced on June 16th. All eyes are now on the U.S <a href="https://thenewscrypto.com/altcoin-news-ripple-files-opposition-against-secs-appeal-in-xrp-lawsuit/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> over the approval of ETF proposals.</p> 
<p>Moreover, according to data provided by Dune Analytics, the total value of ETH staked increased by a whopping 95% over the course of a year, from $22 billion to $41.6 billion. Lido currently controls 32.37 percent of all Ethereum that has been staked, more than four times as much as the next largest player, Coinbase, which controls 8.7 percent.</p> 
<p>Furthermore, after MakerDAO said they would switch to rival blockchain Solana, <a href="https://thenewscrypto.com/ethereum-co-founder-vitalik-buterin-sells-500-mkr-token/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> co-founder Vitalik Buterin liquidated the last 500 MKR tokens he owned.</p> 
<h3 class="wp-block-heading" id="h-breakout-likely">Breakout Likely</h3> 
<p>According to CMC, the price of ETH is $1638 and is down 0.18% in the last 24 hours, with the trading volume up 21%. Moreover, The Block reports a 5.7% monthly decline in Ethereum trading volume.</p> 
<div class="wp-block-image"> 
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  <img decoding="async" width="661" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_7D_graph_coinmarketcap.png" alt="" class="wp-image-81676" srcset="https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_7D_graph_coinmarketcap.png 661w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_7D_graph_coinmarketcap-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_7D_graph_coinmarketcap-150x81.png 150w" sizes="(max-width: 661px) 100vw, 661px"> 
  <figcaption class="wp-element-caption">
    Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a> 
  </figcaption> 
 </figure> 
</div> 
<p>The ETH price has rebounded after testing the $1,600 threshold. At the time of writing the price is consolidating in a tight range. If it manages to break the key $1600 support level then it might decline all the way till $1430 range. In order to start an upward rally, the price needs to clearly break above the $1650 level. Post which it will likely test the $1700 mark.&nbsp;</p>

Ethereum (ETH) Price Consolidates; Further Decline Likely?

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