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Ethereum Faces ‘Hyperinflation Hellscape’—Analyst Reveals Key On-Chain Insights
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Faces ‘Hyperinflation Hellscape’—Analyst Reveals Key On-Chain Insights

Samuel Edyme
Samuel Edyme
1 month ago
3 mins read
Ethereum koers

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Ethereum (ETH) continues to underperform in the broader cryptocurrency market, currently trading just below $1,800 after falling 4% in the past 24 hours. Despite a strong start to the year, where the crypto market experienced bullish momentum, ETH has failed to sustain its upward trajectory.

Since slipping below the $3,000 level, the asset has largely ranged downward and has now breached the $2,000 support zone, signaling weakening demand and sentiment.

While Bitcoin and other major digital assets still managed to see some recovery efforts in recent weeks, Ethereum’s price decline has been accompanied by decreasing network activity and weakening on-chain fundamentals.

This divergence has raised concerns over ETH’s short-term outlook and prompted a fresh analysis of the underlying causes driving the asset’s performance.

Related Reading

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Fee Decline and Network Inactivity Fuel Inflationary Pressures

CryptoQuant analyst EgyHash recently published a report highlighting key on-chain metrics that suggest Ethereum’s current market weakness is closely tied to its declining fee economy and user activity.

According to the report titled: “Why Ethereum Is Bleeding Value: Fee Crash Meets Hyperinflation Hellscape.” Ethereum’s network is experiencing its lowest levels of activity since 2020.

Ethereum active addresses
Ethereum active addresses. | Source: CryptoQuant

Daily active addresses have declined steadily since early 2025, and average transaction fees have dropped to record lows. This reduction in activity has led to a sharp fall in Ethereum’s burn rate, a metric crucial in offsetting inflationary pressures following the network’s transition to proof-of-stake.

Related Reading

Ethereum Price Approaches Resistance

Ethereum Price Approaches Resistance—Will It Smash Through?

2 months ago

The Dencun upgrade, which was expected to enhance network efficiency, has coincided with an extended period of low transaction volumes, further reducing fee income and contributing to higher net ETH issuance.

Ethereum total supply.
Ethereum total supply. | Source: CryptoQuant

EgyHash concludes that the confluence of weak network engagement, reduced burn rate, and high token inflation is central to Ethereum’s declining valuation.

Why Ethereum Is Bleeding Value

“Ethereum’s recent underperformance can be largely attributed to diminished network activity, as evidenced by declining active addresses and reduced transaction fees.” – By @EgyHashX pic.twitter.com/fgQJYCrOIn

— CryptoQuant.com (@cryptoquant_com) April 3, 2025

Ethereum Technical Outlook Signals Potential Support

Despite on-chain headwinds, some technical analysts maintain a cautiously optimistic view. Trader Courage, a technical analyst on X, noted that Ethereum is currently testing a major support zone and could rebound toward the upper resistance of its current trading range.

$ETH / #ETH 1H chart 📊

Back at the green support line. Looks like we could be heading towards the top of the range.

Key levels are on the chart.#Ethereum pic.twitter.com/rRX8b3b6nW

— Trader Courage 🐾 (@CryptoCourage1) April 3, 2025

Another market analyst, CryptoElite, shared a long-term ascending trendline that ETH has respected historically. Based on this trend, the analyst believes ETH could still have the potential to rally to $10,000 later in the year, provided broader market conditions improve.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Reason to trust

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