What's Happening
Ether's price has bounced off $1.8K, with multiple metrics indicating prolonged weakness. Onchain fees and network deposits are at multiyear lows, suggesting bearish sentiment.
Market Impact
The continued weakness in Ether could lead to further declines in its price, affecting investor portfolios and potentially triggering broader sell-offs in the crypto market.
Broader Implications
This trend reflects wider concerns about the sustainability of current crypto valuations and could prompt regulatory scrutiny and investor caution.