{"id":385568,"date":"2024-04-19T18:30:20","date_gmt":"2024-04-19T13:00:20","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=385568"},"modified":"2024-04-19T17:55:29","modified_gmt":"2024-04-19T12:25:29","slug":"is-ethereums-bottom-in-key-indicator-makes-this-prediction-for-eths-price","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/is-ethereums-bottom-in-key-indicator-makes-this-prediction-for-eths-price\/","title":{"rendered":"Is Ethereum&#8217;s bottom in? Key indicator makes this prediction for ETH&#8217;s price"},"content":{"rendered":"<ul>\n<li><i><span style=\"font-weight: 400;\">Ethereum transaction fee fell to a four-month low on the charts<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">This could be a sign of a decline in user activity on the network<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">According to Santiment&#8217;s latest update, <a href=\"http:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\/\" target=\"_blank\" rel=\"noopener\">Ethereum\u2019s [ETH]<\/a> transaction fees have fallen to their lowest level since January.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Santiment revealed that the average fee per transaction on the Proof-of-stake (PoS) network was $2.34, at press time. This represented an 84% decline from its year-to-date (YTD) peak of $15, recorded on 5 March.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcb8 <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\">#Ethereum<\/a>&#39;s network costs just $2.07 to make a transaction, a far cry from the $15.21 that it cost back on March 4th when demand was excessively high. The market historically moves between sentimental cycles of feeling that crypto is going &quot;To the Moon&quot; or feeling that &quot;Crypto\u2026 <a href=\"https:\/\/t.co\/OKjhmHnYQE\">pic.twitter.com\/OKjhmHnYQE<\/a><\/p>\n<p>&mdash; Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1781084753804058963?ref_src=twsrc%5Etfw\">April 18, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<h4><b>Decline in network activity<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The drop in Ethereum\u2019s network fees is attributable to the fall in user activity on the blockchain over the past month. According to<\/span><a href=\"https:\/\/app.artemis.xyz\/chains\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"> Artemis\u2019<\/span><\/a><span style=\"font-weight: 400;\"> data, Ethereum has seen a decline in daily demand and activity over the last 30 days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, the daily count of unique addresses interacting with Ethereum since 19 March has cratered by 7%. <\/span><span style=\"font-weight: 400;\">Due to this, the number of unique on-chain interactions with the network has dropped. With 1.2 million transactions completed on Ethereum on 17 April, the network has recorded a 14% drop in daily transaction count in the last 30 days.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The drop in user activity on Ethereum impacted the performance of its non-fungible token (NFT) and decentralized finance (DeFi) sectors too.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regarding NFT activity on Ethereum, sales volume on the network has fallen significantly over the past month. According to <\/span><a href=\"https:\/\/www.cryptoslam.io\/blockchains\/ethereum?headerPeriod=30d\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CryptoSlam<\/span><\/a><span style=\"font-weight: 400;\">, NFT sales volume on the PoS network totalled $288 million in 30 days &#8211; Logging a 57% decline.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An indicator of decline in the network\u2019s DeFi vertical is its total value locked (TVL). According to <\/span><a href=\"https:\/\/defillama.com\/chain\/Ethereum\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">DefiLlama\u2019s<\/span><\/a><span style=\"font-weight: 400;\"> data, Ethereum\u2019s TVL at press time was $49 billion, declining by 14% since its YTD peak of $57 billion.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Due to the drop in Ethereum\u2019s network activity, ETH\u2019s supply has turned inflationary. This means an uptick in the amount of ETH coins that are being created and added to the circulating supply, adding to the downward pressure on the altcoin\u2019s price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, according to data from <\/span><a href=\"https:\/\/ultrasound.money\/\"><span style=\"font-weight: 400;\">Ultrasound.money<\/span><\/a><span style=\"font-weight: 400;\">, ETH&#8217;s supply has risen by over 2,667 ETH over the past week alone.\u00a0<\/span><\/p>\n<h4><b>ETH local top reached?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">In its post, Santiment opined that the decline in Ethereum\u2019s network fee may suggest that its price is near its bottom and that a rally may be on the horizon.\u00a0 <\/span><span style=\"font-weight: 400;\">To determine whether a price bottom is in, observing ETH\u2019s Age Consumed metric is key. This metric tracks the movement of previously idle coins.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When the coin\u2019s Age Consumed rallies, it suggests that many long-held and idle coins have begun to change hands. This indicates a strong shift in the behavior of long-term holders.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check the\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Ethereum Profit Calculator<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">On the other hand, a dip in ETH\u2019s Age Consumed metric suggests that long-held coins remain in wallet addresses without being traded.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The metric is a good marker for local tops and bottoms because long-term holders rarely move their dormant coins around. Therefore, whenever this happens, it results in major shifts in market conditions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Santiment\u2019s data, ETH\u2019s Age Consumed rose significantly on 18 April, confirming that a bottom might be in.<\/span><\/p>\n<figure id=\"attachment_385572\" aria-describedby=\"caption-attachment-385572\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Ethereum-ETH-07.46.18-19-Apr-2024.png\"><img decoding=\"async\" class=\"wp-image-385572 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Ethereum-ETH-07.46.18-19-Apr-2024.png\" alt=\"Ethereum Age Consumed\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Ethereum-ETH-07.46.18-19-Apr-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Ethereum-ETH-07.46.18-19-Apr-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Ethereum-ETH-07.46.18-19-Apr-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Ethereum-ETH-07.46.18-19-Apr-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Ethereum-ETH-07.46.18-19-Apr-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Ethereum-ETH-07.46.18-19-Apr-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Ethereum-ETH-07.46.18-19-Apr-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-385572\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, a cursory look at the past few times the coin\u2019s Age Consumed recorded similar highs revealed that these episodes were followed by price declines &#8211; A sign that tops were reached. This may yet be the case for the world&#8217;s leading altcoin.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, current market sentiment remains significantly bearish, with the Bitcoin halving event less than 24 hours away. And, readings from the coin\u2019s price chart suggest that it may already be priced in.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While the decline in transaction fees suggests that a price bottom may be here, historical precedents may say otherwise. <\/p>\n","protected":false},"author":64,"featured_media":385582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[32,66,3,4,20],"tags":[6427,6425],"class_list":["post-385568","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto","tag-featured"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Is Ethereum&#039;s bottom in? 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