Ethereum price and the wider crypto market corrected after hawkish comments from the Federal Reserve negatively impacted equities markets and investor sentiment. Cointelegraph explains what is keeping ETH price down.
still possesses multiple bullish catalysts that warrant investing in the asset, on-chain data paints a grim picture of its short-term price prospects.Ethereum turns inflationary as total revenue falls
Ether price fell as daily fees on the Ethereum network plummeted to $2.9 million, down from pre-FTX levels of $12.8 million on June 13. In addition to the decreasing fees, the network registered lower daily active users from a July 26 peak at 961,196 users to only 367,000 DAUs on Dec. 16.tokenomics were designed to help Ether become deflationary. However, with gas fees declining and reduced DAUs, Ethereum has turned inflationary by 0.073% in the past 30-days and added over 7,100 Ether.
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