Ethereum price followed the broader crypto market sell-off, but its longer term price weakness is driven by network-specific factors.
Ether (ETH) prices declined by 9.6% from Oct. 20 to Oct. 23, following a strong rejection at the $2,700 level. This move erased the gains of the previous 10 days, and as Ether now stabilizes near $2,500, its 30-day performance remains negative, down by 6%.
The chance of ETH reclaiming the $2,800 support is diminishing and onchain data suggests that high transaction fees are pushing activity away from the Ethereum network, ultimately reducing demand for native staking.
Total crypto capitalization (blue) vs. Ether/USD (green). Source: TradingView
