Ethereum price extended its decline this week, hovering near its lowest levels since July of last year. It has fallen about 47% from its all-time high despite improving network metrics. A closer look at data shows that Ethereum network handled over 67 million transactions in the last 30 days, up 38%, with active users increasing 45% to 14.7 million and network fees up 11% to over $12.39 million.
Ethereum’s growth is largely driven by its stablecoin business, which benefits from relatively low fees. Fees have dropped sharply in recent months and are now almost cheaper than some Layer-2 networks. The network handled over $8 trillion in stablecoin transfers in Q4, and Artemis reports over $1 trillion in volume in the last 30 days, with the number of stablecoin addresses soaring to over 7.2 trillion. Analysts project stablecoin supply to jump from around $300 billion today to over $1 trillion in the coming years.
Ethereum also remains the dominant chain in DeFi and real-world asset (RWA) tokenization. The price decline is attributed to the broader crypto market downturn affecting Bitcoin and many altcoins, as well as ETH ETF outflows in recent weeks. The weekly chart highlights patterns such as an inverse head-and-shoulders and a bearish flag, suggesting the price could target the left shoulder around $2,125. A move below that level would weaken the bearish view, while a rebound could follow if buying pressure returns.
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