As Ethereum struggles to sustain above $2k, here’s all you need to look out for

ambcrypto.com:

Ethereum is down again! The largest altcoin has continued to disappoint investors as it is struggling to rise above the $2,000 price level. The Ethereum Foundation has already announced the final date for the Merge in August. But the current trajectory is a sore sight for the community as it stumbles on the price chart.

Ethereum’s price has not been stable since the turn of the year with macro factors attributing to new bearish runs. The bear market tendencies were recently confirmed with the equities market already in a crisis. The present economic climate is definitely becoming a cause for concern for the Ethereum maximalists.

ETH is currently trading below $1900 after falling a further 3.2% in the past 24 hours. The trip “down south” is also concerning because of the falling volume of the Ethereum network. In the past day alone, the trading volume has dropped by 6.99% to $12,963,534,872. 

Recent Glassnode updates have further shed light on the conditions of the Ethereum blockchain surrounding transaction activity. As per the tweet, Exchange Outflow Volume has reached a new 16-month low today after dropping to $17,660,927.

The previous such low was observed on 14 March with an outflow volume of $17,850,030. This comes off as a sore sight for the investors with the Merge launch now certain and scheduled after years of planning. 

Source: Glassnode

Another Glassnode tweet indicated a dwindling volume in the past day. There has been a sharp drop in the number of active addresses which reached a new 10-month low of 29,700. This statistic was earlier observed before Ethereum’s all-time high rally of November 2021.

Source: Glassnode

The Ethereum Beacon Chain suffered a seven-block reorganization today which is the longest seen in