Did Ethereum bottom yet? According to noshitcoins, on-chain data says ETH price is not even close to flattening out.
) price nosedived below $1,100 in the early hours of June 14 to prices not seen since January 2021. The downside move marks a 78% correction since the $4,870 all-time high on Nov. 10, 2021.
peak when Ethereum's total value locked catapulted to $93 billion from $42 billion two months earlier.Before jumping to conclusions, a broader set of data is needed to understand what led to the 31% correction in the ETH/BTC price in 2021. Looking at the number of active addresses is a good place to start.Data shows steady growth in active addresses, which increased from 595,620 in mid-March to 857,520 in mid-May.
One might still think that despite a relatively flat number of users, the Ethereum network had been growing by presenting a higher TVL.Data shows that on May 10, 2022, the Ethereum network TVL held $87 billion in deposits, down from $102 billion a month prior. Therefore, there is no correlation between the mid-2021 cool-off after"DeFi summer" and the current 33% Ether price downturn versus BTC.
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