The cryptocurrency market has an average total value of $800 billion in the first days of 2023. Ethereum Some leading assets, such as ETH is trading around $1217, posting an average gain of 1% in the last 24 hours.
Despite this slight rise, the activities taking place on the Ethereum network are not very heartwarming. Transactions on the mainnet slumped to 2020 levels. In the metric shared below, it is possible to see the value of 742.000 at the beginning of 2023. Despite the slight recovery recorded in the past day, the number continues to hover at low levels.
The “price forecast based on network activity” shared by Santiment also drew attention. Santiment stated that the Ethereum network needs some boost.
Red and orange colors mean the market is in a downtrend due to token circulation. Yellow-green and green colors mean that the market is in an uptrend. As shown below, Ethereum returned to the bearish zone in December 2022.
Therefore, Santiment stated that the roaming rate of the network should recover in 2023. He also stated that this week will be “meaningful” as it marks the start of the post-Christmas holiday season.
In addition to these developments, long-term investors also seem to be giving up. The realized value fell to the lowest level in 15 months. The same shows that ETH, which was bought at the top of the bull market, is now spent at the bottom of the bear market. That’s not a very good sign because it means investor confidence is waning.
As a result, an improvement in metrics seems to be a priority for Ethereum price to recover.