Ethereum’s On-Chain Metrics Continue to Plunge Despite 20% Bounce


Ethereum has undergone a strong bounce since the lows seen in September. As of this article’s writing, the coin trades for $372, around 20% above those lows. The cryptocurrency is about the set a weekly close above the $365-370 resistance. Despite this strong bounce in the price of Ethereum, on-chain metrics show that the blockchain is currently weakening. Fortunately, the leading cryptocurrency has positive fundamental and technical trends that may result in growth in the future. Ethereum On-Chain Metrics Are Weakening Etheruem has undergone an extreme bounce since the lows seen in early September. Despite this, the blockchain’s on-chain trends are weakening. Santiment, a leading blockchain analytics company, reported on October 11th that the number of daily active addresses on Ethereum is still in a “mild decline.” As can be seen, the metric has dropped by around 50% since topping during the rally in late July: “$ETH’s daily active address…

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