Ethereum’s Price Slump: Network Issues and Inflation Fueling Decline

Despite its status as the second-largest cryptocurrency, Ethereum has experienced a significant price drop, falling to $1,810.98 due to low network activity and rising inflation. On-chain data shows record-low transaction fees and decreased burning rates – conditions last observed in 2020. This decline coincides with decreasing user participation which has led to average transaction fees reaching their lowest point ever.