Ethereum Bears Target $1,800 ETH Price: Here Is Why
Ethers (ETH) price has retraced by over 5.6% to $2,275 after being rejected by resistance at $2,400. Now, multiple data points suggest ETH/USD may drop below $2,000. Key takeaways:Low network activity signals declining usage and reduced onchain demand for ETH.Coinbase Premium remains negative as spot Ethereum ETF outflows returned, reflecting strong US-driven sell pressure.Ethers falling wedge pattern targets $1,830. Ethers total value locked hits 12-month lows Ethereums network fundamentals are weakening, with weekly average transactions dropping by 10% to 4.79 million, per data from Nansen. Active addresses dropped by 8% to 2.5 million over the same period. Network fees also dropped by approximately 27%, leading to a 47% reduction in onchain revenue over the last seven days. Additional data from DefiLlama that the weekly DEX volumes dropped to $1.64 billion on May 8, a 46% drop over the last three weeks. Low transaction count, a drop in active addresses and declining DEX volumes reflect reduced ecosystem usage. As a result, the total value locked (TVL) in Ethereums DeFi protocols has dropped to $124.7 billion, levels last seen in May 2025. This subdued network activity signals weak user conviction, affecting Ethers ability to sustain upside price momentum. Ethers exit queue jumps 72,000% Ethereums unstaking queue jumped by approximately 72,000% within