ETH bounces off $1.8K as multiple Ether price metrics point to prolonged weakness

Ether faces a bearish trend as onchain fees and network deposits hit multiyear lows. Until derivatives metrics stabilize, ETH price remains at risk.

Key takeaways:

ETH futures liquidations reached $224 million after a 9% price drop, while the network’s onchain activity fell to a 12-month low.

ETH’s high correlation with Bitcoin and massive outflows from exchange-traded funds suggest further downside risk for Ether price.

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