© Reuters

Ether’s price surged by 31.3% from March 10 to March 18, coinciding with the Federal Reserve’s injection of $300 billion to address the insolvency of Silicon Valley Bank. Since then, Ether’s (ETH) price has consistently maintained a daily closing price above $1,600.

However, investors are now casting doubt on Ether’s ability to sustain this support level, given the prevailing bearish sentiment in the cryptocurrency space and declining metrics on the network.

Number of Ethereum addresses with a minimum $1,000 deposit in ETH. Source: Coin Metrics
Ethereum network top DApps, 30-day active addresses. Source: DappRadar
Top token by unique receivers, last 7 days. Source: Etherscan