Ethereum Price Struggles to Recover Above $2,300 Amid Weak Network Activity

Ethereum's recovery from its recent decline has been hindered by weak network activity. According to CryptoQuant data, active addresses have risen over the past week, but transaction counts have decreased sharply.

Additionally, staking inflows have dropped by more than 80% over the same period, with the total value staked declining by roughly 100K $ETH to 39.01 million $ETH. This decline comes amid community discussions around a potential reduction in staking rewards.

The Ethereum price forecast suggests that the coin may face resistance at key moving averages. On the 4-hour chart, Ethereum's price stands below the 50-day Exponential Moving Average (EMA) at around $2,274, which lends nearby support.