After the big Ethereum upgrade, the Merge, the number of Ethereum active addresses has fallen essentially.
According to the market intelligence platform Sentiment, it's the first time that this metric is below 400,000 since June 26, 2022. Sentiment notes disinterest is at high as prices have stagnated.
😲 #Ethereum's active addresses have sunk to 4-month lows with weak hands continuing to drop post-#merge, and disinterest at a high as prices have stagnated. Monday was the first day that there were less than 400k addresses on the network since June 26th. https://t.co/FKXHhg6Z5g pic.twitter.com/1Ekj3bpT0A— Santiment (@santimentfeed) October 20, 2022
Currently, ETH trades at around $1,300. The market cap of the second largest crypto is above $159 billion.
While, as Sentiment mentions, weak hands continue to drop Ethereum post merge, there is a possibility of further decline in price.
In September, the Ethereum network moved to the Proof of Stake consensus mechanism, instead of Proof of Work. Recently, Ethereum released a testnet version of its Shangai upgrade, which aims to enable developers to experiment with the following phases of the protocol development.