Ether Price Faces Risk of Falling Below $1.6K Support as Multiple Metrics Decline

Ether’s price experienced a notable increase of 31.3% from March 10 to March 18, following the Federal Reserve’s decision to inject $300 billion to help stabilize Silicon Valley Bank amid its insolvency crisis. Since that spike, Ether (ETH) has consistently closed daily prices above $1,600.

Despite this positive momentum, some investors are beginning to question Ether’s ability to maintain this support level. The prevailing bearish sentiment within the cryptocurrency market and declining network metrics are contributing to these concerns.

Recent data highlights various aspects of Ethereum’s network activity, including the number of addresses holding a minimum deposit of $1,000 in ETH and the activity levels of the top decentralized applications (DApps). Additionally, insights into the top tokens by unique receivers over the past week further illustrate the current trends within the Ethereum ecosystem.