The market sentiment towards Ethereum (ETH) has turned bearish due to recent price volatility, leading to a significant drop in new active addresses on the network. The number of new active addresses on Ethereum experienced a sharp decline over the past three months, reflecting reduced network activity and investor confidence. Although there was a recent uptick in Ethereum's price, the number of new active addresses continued to decrease. This decrease in active addresses indicates a decline in user engagement and overall network activity. The total volume of large transactions on the Ethereum network also dropped significantly. Despite these challenges, Ethereum has maintained its leading position in terms of decentralized exchange (DEX) volume, although it briefly lost the top spot to Solana. Ethereum's 24-hour DEX volume has seen a recent increase, while Solana's volume remains lower.



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