• Ethereum’s price fell while network growth and velocity plummeted
• On a macro level, Ethereum’s network continues to see growth

Ethereum [ETH] recorded a massive decline in price over the last 24 hours, along with the rest of the cryptocurrency market. At press time, ETH was trading at $3,267.60, with its value down by 7.22% on the charts.

Ethereum takes a hit

Over this period, the network growth for Ethereum declined significantly. This indicated that new users were losing interest in ETH and the number of new addresses willing to buy ETH at this rate was very low. Moreover, the velocity for ETH also fell, suggesting that the frequency with which ETH was being traded had declined.

Moreover, Ethereum’s MVRV ratio fell, indicating that the number of addresses that were profitable had fallen. Long/Short difference for ETH hiked as well, indicating that the number of long term holders of ETH had increased.

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Author: Himalay Patel

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