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Ethereum price drops to a 7-month low as data points to more downside

Published 10/13/2023, 02:07 PM
Updated 10/14/2023, 03:40 PM
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Ether (ETH) price experienced a 7% decline between Oct. 6 and Oct. 12, hitting a seven-month low at $1,520. Although there was a slight rebound to $1,550 on Oct. 13, it appears that investor confidence and interest in Ethereum are waning, as indicated by multiple metrics.

Some may argue that this movement reflects a broader disinterest in cryptocurrencies, evident in the fact that Google (NASDAQ:GOOGL) searches for “Ethereum” have reached their lowest point in three years. However, Ether has underperformed the overall altcoin market capitalization by 15% since July.

”Ethereum” keyword search, globally. Source: Google Trends
ETH 2-month futures premium vs. spot market. Source: Laevitas
Ethereum network TVL ex-native staking. Source: DefiLlama
Top Ethereum DApps 7-day active addresses. Source: DappRadar

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