The Ethereum price narrows its range within two converging trendlines of the daily chart.
On-chain data indicates the smoothed active address count is approaching the 1 million threshold..
The declining slopes of the 100-day exponential moving average could add further downside pressure on ETH.
Ethereum, the second-largest cryptocurrency by market capitalization, is down 0.8% during Tuesday’s U.S. market hours to trade at $2,090. The pullback aligns with market-wide correction as conflict between U.S. and Iran erupted again, creating panic among investors. Amid the market uncertainty, retailers held their hopes high as Ethereum recorded notable spikes in network activity. However, market analysts distinguish this activity rise as capacity-driven rather than demand-driven. Is Ethereum price heading for a $2,000 floor?
ETH Network Growth Decouples From Price Trend
On-chain data of Ethereum shows that there is a significant discrepancy between the price performance of E
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