Matrixport said on the X platform that since the Cancun upgrade (Dencun) in March, the revenue of the Ethereum blockchain has fallen sharply. Historical data shows that the price of ETH is closely related to revenue fluctuations, and some analysts even divide annual revenue by Ethereum market capitalization to calculate the yield. The sharp drop in revenue suggests that ETH may face a correction.
However, Ethereum revenues have doubled from August to September, suggesting that the worst of the downturn may be over. If this trend continues, ETH may see a rebound.
Matrixport: The sharp drop in Ethereum revenue hints at a possible correction in its price
2024-10-07 07:05:46
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