On-chain data shows the demand on the Ethereum network has continued to drop recently, a sign that could be bearish for the asset’s value.
Ethereum Total Transaction Count Continues To Go Down
As pointed out by an analyst in a CryptoQuant post, the ETH transaction count has observed a significant plunge recently. The “transaction count (total)” is an indicator that measures the total number of transfers taking place on the Ethereum blockchain on any given day.