Ethereum’s on-chain metrics are troubled but ETH can go up high only if…

The crypto market has had a pretty rough ride of late. King altcoin Ethereum is down 3.54% in the last 24 hours. It closely followed the movement of BTC as the correlation of ETH to the king coin was 0.91.

The last 24 hours have been crucial for Ethereum as the bears have gained momentum. On May 20, the volume of the Ethereum network also declined by a whopping 19.5% in the last day. Undoubtedly, these are worrying signs for the Ethereum ecosystem and the crypto community at large.

What about charts?

The trading volume across Ethereum took a major hit, with the price crashing and fears rising in the financial markets.

Mid-trading volume falls to 16-month low of $107.7 as Glassnode informed of, This was discouraging for the ecosystem as it somehow indicated that whale activity had stabilized.

And, of course, whale activity is often viewed as an important indicator of the overall sentiment of the crypto asset. The last such low was seen on May 20.

Source: Glassnode

Another worrying indicator suggested a bearish trend in several Ethereum-based addresses. The number of addresses in losses on Ethereum reached a 2-year high of 33.4 million on May 21.

With the loss of many addresses, it would not be surprising to see investors exit their positions.

Source: Glassnode

More news on Buterin Pile

While Ethereum has been dominating social media conversations due to the upcoming ‘merge’, Vitalik Buterin has also taken center stage. Recently, he commented in one of his tweets, “I am no longer a billionaire.” This comes as a shocking reality check for the Ethereum community due to Buterin’s digital wallet holdings.

(btw btw i’m not a billionaire anymore)

— vitalik.eth (@vitalikbuterin) 20 May 2022

As recently as November 2021, he had about $1.5 billion in holdings in his digital wallet. Since then, the price of blockchain-linked Ether tokens has dropped by 55%, as reported by Bloomberg. In November 2021, the price of Ether was around $4800, which has since fallen below $2000. The selloff during this time frame can be blamed on macro headwinds coupled with regulatory deadlock.

Nevertheless, to emerge victorious, the Ethereum community will need to outsmart HODL during the current bearish period with bearish warning screening on all fronts.