Lack of Demand in Ethereum's Market

Lack-of-Demand-in-Ethereums-Market

The following chart consists of the Transaction Count metric(30-day EMA) and Ethereum’s price. Typically, bearish stages of the market are followed by significantly lower activity from the market participants, resulting in a lower transaction count. Based on the chart, the metric has been in a downtrend since May 2021 and has recently marked a new low.
Furthermore, as is evident in the chart, each impulsive downtrend in the metric was along with a considerable price decline. Most recently, the metric experienced a significant plunge indicating a lack of activity. Hence, the price might soon experience another drop to the crucial support level of $1K.