Ethereum: Still Alive? 💀

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Ethereum, that darling of the digital age, continues its bullish charade, buoyed by the rising tide of the crypto market. While its price has shown a fleeting hint of vigour, one can’t help but notice the distinct lack of enthusiasm among its users. It seems even the most recent updates, designed to invigorate this technological marvel, have fallen rather flat. One wonders, is this the beginning of the end? 🤔

On-Chain Engagement With Ethereum: A Lamentable State of Affairs

Glassnode, those diligent number-crunchers of the digital realm, have released a report that casts a rather gloomy light on the Ethereum network. While ETH‘s price may dance merrily amidst the market’s turbulent waves, the true story, as always, lies beneath the surface. 🧐

The data reveals a persistent and disheartening weakness in ETH’s on-chain activity. One can’t help but ponder whether its core ecosystem is quietly fading into obscurity. This lack of activity persists despite the constant stream of positive narratives and, of course, the much-vaunted upgrades. 🙄

According to these on-chain oracles, even the latest grand designs, such as the Pectra upgrade, have failed to stir the slumbering giant. “Ethereum’s Pectra upgrade hasn’t translated into a spike in network engagement just yet,” they declare, as if stating the obvious. 😴

The Pectra Upgrade, launched with much fanfare in early May, aimed to bolster ETH’s scalability and efficiency. A noble endeavour, indeed! It consists of two synchronized updates: The Prague execution layer hard fork and the Electra consensus layer upgrade. One can only hope they haven’t merely added more cooks to an already crowded kitchen. 👨‍🍳

Glassnode points out that while user attrition has slowed, the Pectra Upgrade has not managed to entice new or returning users. After all, why bother when one can simply invest in bonds? Data shows that the average count of new and revived addresses has actually decreased since the upgrade, compared to the year-to-date figures. How utterly disheartening! 💔

ETH’s average new addresses have decreased by about 1.8%, while resurrected addresses have declined by a staggering 8.4%. User churn, too, has witnessed an approximately 8.5% drop. The question remains, of course, whether this is a consequence of the network upgrades or simply the inevitable march of time. ⏳

A Breakout After A Short-Term Correction: A Glimmer of Hope?

Even though network activity is languishing, ETH’s price refuses to be entirely subdued. On-chain pundit ShayanMarkets predicts an impending breakout, as the Ethereum market teeters on the brink of overheating near the $2,500 mark. A short-term correction, however, is deemed inevitable. One must always prepare for a bit of a tumble before soaring to new heights. 🤸

Using a bubble chart illustrating the total trading volume across all crypto exchanges, ShayanMarkets highlights an overheating scenario, marked by a notable spike in trading volume, as ETH approaches the $2,500 resistance level. It seems greed, as always, is a powerful motivator. 🤑

This spike is largely driven by profit-taking and the available resting supply at this key zone. The overheated situation suggests a probable short-term drop as the market cools and makes way for fresh accumulation. While the altcoin has surpassed $2,500, this move, according to Shayan, is likely fuelled by fresh demand. Let us hope this demand is more than just a fleeting fancy. 🙏

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2025-05-21 19:58