Ethereum (ETH) is facing renewed downward pressure, with market sentiment approaching levels last seen during the FTX collapse of 2022. According to Matrixport, ETH has experienced a significant 50% drop from its January peak of $3,668. This decline is attributed to slowing on-chain activity and a persistent bearish trend in Ethereum's fundamentals. Stagnant demand further contributes to negative market sentiment. Matrixport analysts point out that ETH is now nearing the lows established during the turbulent FTX period, raising concerns about further potential price drops. While specific reasons for the slowing on-chain activity are varied, reduced DeFi participation and decreased NFT trading volumes may be contributing factors. Investors are advised to closely monitor Ethereum's price action and on-chain metrics for potential signs of stabilization or further decline. The coming weeks will be crucial in determining ETH's short to mid-term trajectory. ```

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