Active Ethereum Addresses Touch 2020 Levels, Will Price Follow?

Ethereum active addresses have continued to decline. This follows the market crash where the price of Ethereum had dropped to below $1,000 before staging another recovery. This decline has shown various implications for the digital asset and also points towards how investors could be feeling towards the digital asset. Activity Falls To 2020 Lows Data from the Block shows that the active addresses on the Ethereum network on a seven-day basis are down. These active addresses had hit a new all-time high back in June 2021 when the bull market had been in full bloom. The rise in active addresses was attributed to new investors moving into the digital asset due to the immense success it had seen so far at that point. Related Reading | New Bitcoin Record Paints Incredibly Bearish Picture As BTC Struggles At $19,000 However, as the price of the digital asset had begun to suffer, active addresses had gone down with it. This came to a head in the middle of June 2022 when the crypto market had experienced arguably the worst market crash in its more than a decade of existence. Ethereum had quickly declined from around $1,800 where it had been trending and touched a low below $900. Following this, there had been an uptick in the active addresses as investors scrambled to move their funds to avoid further losses. However, as sell-offs have died down, the number of active addresses has also taken a nosedive. ETH active addresses decline...