Following a week of significant price drops and slowing network activity, investors are watching to see if an upcoming network upgrade and new investment products can shift market sentiment.
Ethereum sees sharp price decline
The price of ETH dropped
↘8%
in the last 24 hours and
↘11%
over the past week. Over the last month, ETH's
↘3%
decline has trailed competitor Solana, which saw its price increase by
↗21%
.
Network activity slows while large transactions grow
Activity on the Ethereum blockchain has decreased, with onchain swap volume falling
↘71%
and the number of unique traders declining by
↘33%
. At the same time, the average transaction size grew
↗109%
, indicating that larger wallets are responsible for a greater share of the reduced activity.
Network upgrades and new investment products announced
Developers have scheduled the Fusaka upgrade
for December, which is aimed at improving the network's scalability. Separately, Grayscale has launched a new index-based spot crypto
ETF that gives investors exposure to a basket of cryptocurrencies including Ethereum.