Ethereum price down why
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Since blockspace is a limited commodity, network fees will rise in times of high demand — but they have actually been falling for quite a while now: Network fees surged in the bull market and were flat during the bear market. After another surge until mid, they have been sliding back to bear market levels since. In fact, zooming in on network fees tells us that the DeFi-powered bull market has faded away almost entirely.
And no. Well, it's complicated. Firstly, the macro is to blame. Yes, here we go again. You can check our Bitcoin September Update for a recent update and our crypto bear market analysis for a big-picture explanation of what's happening. Which means less demand for Ethereum blockspace, lower fees, and thus less demand for ETH itself.
To quote Arthur Hayes , as long as the white line in the graph below doesn't go up more USD in the markets , the green and yellow lines won't react, and neither will ETH. Another fundamental factor is L2 scaling. Or more precisely, layer-two solutions cannibalizing the demand for Ethereum blockspace. But at the same time, the number of daily transactions are flat, meaning there is not more demand for blockchain transactions per se.
Of course, a few weeks of data is not nearly enough to judge. But it is a trend to keep an eye on. Whether ETH is or isn't a security will not be conclusively determined in the near term anyway. But Gary Gensler speaking his mind on how it could not be poked at a market that's already on pins and needles. Conclusion Quo vadis, Ethereum? The short-term picture looks bleak or maybe not. High interest rates dissuade consumers from investing in more risky assets, which includes crypto.
Ether, naturally, fell amidst the downturn. Investors worry about regulation. Is Ether a security? For years, Ethereum leaders have argued that the token is sufficiently decentralized, and regulators have mostly stayed away. Gensler told reporters after a congressional hearing, according to the Wall Street Journal. Long-term investors conflict with day traders.
Internal dynamics within the Ethereum community were also at play this week. Last week, as it became increasingly clear that the merge would be successful, many fans of Ethereum bought into the token based on the belief that the transition boded well for its long-term success. Their activity then brought the price back down.
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