Ethereum Adoption Declining: Will There Be a Major Price Drop?

Ethereum activity has been steadily declining since 2021

During the peak of the market in May 2021, we also saw a spike in activity, when there were almost 700,000 active users per day. More than 2 years later and the activity has actually decreased continuously to a current activity of around 400,000 wallets per day.

This is a decrease of more than 40%. This is rightly a source of concern for investors and analysts. The bull market is historically often characterized by a significant increase in activity. Since we are not seeing a sharp increase in usage right now and the ETH price is rising while activity is falling, it suggests that another market correction may be in the offing.

Goldman Sachs positive on ETH price

Although we see a decrease in use from the on-chain data and therefore expect a possible correction, we hear positive stories from the financial sector. For example, former CEO at the major bank Goldman Sachs indicates that he expects a new all-time high this year for the popular blockchain project. This would mean that in just half a year the coin will move above $4,878, an increase of a whopping 350%.

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