CryptoSlate’s recent analysis also revealed that the number of all ETH addresses recorded a new ATH by reaching 1,4 million. Ethereum cryptocurrency Ethereum entered a downtrend over the past five days, which has caused its price to drop by more than 12%. ETH recently went from trading at a new yearly high of $678 to a low of $585.

The digital currency ecosystem has been receiving a lot of volatile upheavals since the start of the year. Riding on their robust liquidity and stability, traders and investors in the space are consistently betting on the biggest assets including Bitcoin (BTC), Ethereum (ETH) Solana (SOL), and XRP amongst others. Ethereum USD (ETH-USD) The upgrade, called “the Merge” by crypto enthusiasts, promises to lower Ethereum's energy consumption and attract more users. Climate activists have long criticized digital assets because producing them uses enormous amounts of electricity and generates large CO2 emissions. The University of Cambridge and Digiconomist estimate that the two largest crypto-assets, Bitcoin and Ethereum, together use around twice as much electricity in one year as the whole of Sweden.