As the election nears, the crypto market anticipates a surge in liquidity—a potential boost for Ethereum (ETH), which has been battling downward pressure. With the Fear and Greed Index leaning towards greed, Ethereum may find itself in an advantageous buying window. Yet, uncertainty looms; Solana’s (SOL) recent success during Bitcoin’s peaks has some investors doubting ETH’s recovery prospects.
Key Metrics Show Mixed Performance for Ethereum
Ethereum’s network metrics are under pressure, with daily active addresses up 40% across its mainnet and Layer 2 networks. However, ETH’s price performance has lagged, dropping around 7% after closing at $2,700 last week. Additionally, Ethereum’s network fees are now at record lows, falling behind faster and cheaper alternatives like Solana. This drop in fees raises concerns about network security, as fewer validators could affect overall health.