Title: ETH Price Lowest in 14 months; Extreme Fear Among Investors
May 30, 2022 04:00AM ET
Ethereum's popularity is still second only to Bitcoin, but the trend for this altcoin is not looking positive. According to the Extreme Fear and Greed Index, Ethereum is located in the extreme fear segment with a score of 23.
With a total market capitalization of $228,139,949,517, ETH is currently in second place, according to CoinGecko. This puts ETH behind BTC and ahead of USDT.
Remarkably, ETH has experienced a 6.1% surge in the last 24 hours. However, looking at the weekly figures, ETH has dropped 7.5%. Even worse, the monthly decline is a soul-crushing 32.8%. It was the lowest in 14 months.
On a related note, market data platform Santiment tweeted last week that Ethereum posted a "very low" ratio of profit and loss transactions over the weekend. According to analysts, this could be one of the reasons for its low price.
Another worrying trend is the decline in the number of daily active addresses, which has plummeted from 650,000 previously to 450,000 currently.
Over the past 24 hours, ETH has also seen a trading volume of $12,118,486,311. At the time of writing, ETH is currently trading at a weak $1,895.77. For perspective, Ethereum's all-time high is $4,878.26, which was reached in November 2021.
However, the future of this popular coin doesn't look too bleak. The major update that users are looking forward to is the merger. This is when the Ethereum mainnet will be merged with the beacon chain proof-of-stake system. "This will mark the end of proof-of-work for Ethereum and a complete transition to proof-of-stake," the Ethereum team said.