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Following
ETH Ethereum prices bucked the trend, and activities on the chain continued to cool down.
Ethereum recently experienced a significant price rise, once again reaching the US$1950 mark after seven weeks. A 29% rebound from previous lows has attracted market attention, and investors are closely watching whether it can break through the $2100 resistance level.
The recovery of U.S. stocks boosts market confidence
The U.S. stock market regained optimism amid a strong rally as investors 'concerns about the valuation of AI-related stocks eased. Expectations for the corporate earnings season have warmed up, especially the earnings report released by 3M in the morning, which further boosted market activity.
Google parent company Alphabet is about to announce quarterly earnings, and the market predicts that its Cloud Services business will achieve 64% growth driven by AI investment. If the financial report data is outstanding, it may enhance the confidence of investors in the cryptocurrency market and help the total market value of global cryptocurrencies exceed the US$2 trillion mark.
Is demand for Ethereum stagnant?
Although Ethereum prices have strengthened recently, the data on the chain has presented a different picture. Blockchain processing demand has not yet returned to previous levels. This downward trend is in sync with the fading popularity of tokens such as Meme Coin, which has led to a sharp correction in well-known projects such as Ethena.
Weekly revenue for decentralized applications (DApps) fell to US$9.8 million, a record low since September last year. Among them, Sky Network contributed US$3.2 million and Chainlink contributed US$1.2 million. These data reflect the overall caution of traders. DEX (decentralized exchange) trading volume plunged to US$7.2 billion.
The derivatives market has also performed calmly, with the annualized financing rate on the Ethereum Perpetual Contract remaining at a neutral level for a long time. However, the gradually rising demand for Ethereum pledge is quietly changing the market landscape. According to Staking Rewards data, the current amount of ETH pledged accounts for 34% of the total circulation.
A summary of key data:
·Despite the price increase, DApp revenue and DEX trading volume are at multi-month lows
·The pledge ratio has increased, suggesting that selling pressure has weakened
·Ethereum prices are still far below historical peaks
The core challenge facing Ethereum is that although pledge demand continues to heat up, its on-chain indicators reveal the reality of weak demand. At the same time, Google's upcoming revenue guidance may influence market sentiment, which in turn affects whether Ethereum can stabilize its key level of $2100.
