According to CryptoQuant analysts, the number of transactions on the Ethereum chain has recently declined significantly, which means that the market demand for the Ethereum network has begun to decline.
The number of transactions is an indicator that reflects the total number of transfers taking place on the Ethereum blockchain. The 30-day moving average trend of this indicator shows that it has been in an overall decline since May 2021, and the recent downward trajectory has been more obvious, indicating that Ethereum The blockchain is currently in a state of low activity.
Additionally, Ethereum has been trading sideways for some time, and it is unclear when it will emerge from this consolidation.