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Ethereum transactions drop to 18-month low as market attempts to recuperate

With the cryptocurrency market still trying to decide whether to proceed bearishly or rise up bullishly, the user transactions on Ethereum (ETH) blockchain have recorded their lowest amount in the last 18 months.

Indeed, the current number of Ethereum transactions (according to their seven-day moving average) is 42,957.363, as observed in the chart published by the alerts Twitter channel of the on-chain and financial metrics platform Glassnode on May 30.

Ethereum transactions count. Source: glassnode alerts

According to the tweet and the chart, the previous 18-month low in Ethereum transactions was recorded just a couple of days earlier – on May 28, 2022, when this number stood at 41,965.137.

Diminished Ethereum activity meets lower fees

A week ago, Finbold reported that the number of Ethereum addresses in loss had hit its two-year high of 33,403,723.452. This data was recorded two weeks after the number of ETH addresses in profit dropped to its 21-month low of 66.77%.

Furthermore, three weeks ago, Ethereum also saw $800 million worth of its coin transferred to known crypto exchanges’ wallets over the course of two weeks, amid mounting selling pressure.

On the other hand, the ETH network has recorded extremely low fees, incidentally one of the things its critics would often choose as its main flaw, including its founder Vitalik Buterin who, himself, admitted that high fees were a threat to the chain’s usability.

As things stand, Ethereum is still struggling to climb above the $2,000 mark, as markets are seen trying to recover from their long bearish streak. At press time, ETH was trading at $1,887.95, up 4.18% on the day, but down 8.75% compared to seven days ago. 

At the same time, the market capitalization of the second-largest cryptocurrency by this indicator amounted to $227.45 billion, as per data acquired from the CoinMarketCap platform.

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