Ether prices have declined by 9.6% from October 20 to October 23, dropping below the $2,500 mark after experiencing a rejection at $2,700. This decline negated previous gains and resulted in a 30-day performance drop of 6%. High transaction fees are driving activity away from the Ethereum network, raising concerns about its demand for staking. While overall crypto market capitalization dropped by 5%, Ethereum underperformed compared to the broader market. Ethereum's total value locked (TVL) reached only 18.2 million ETH, also down by 5% over the past month, indicating reduced supply and demand dynamics. Activity on decentralized exchanges (DEX) like Uniswap decreased by 18%, contrasting with Solana's increasing volume. Recent data shows a net decrease of 191,000 ETH staked, valued at $492 million, further weakening investor sentiment and highlighting Ethereum's challenges in scaling, especially with uncertainties surrounding the upcoming Prague-Electra upgrade focused on improving scalability. Investors are increasingly drawn to competing blockchains that offer lower-cost services, exacerbating Ethereum's current struggles.

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