Ether’s (ETH) price printed a bear flag on the daily chart, a technical chart formation associated with strong downward momentum. Could this bearish setup and decreasing transaction fees signal the start of the second leg of ETH’s drop toward $1,200?

Ethereum’s network activity slumps

The market drawdown, fueled by US President Donald Trump’s tariff threats, saw Ether’s price drop by nearly 50% from a high of $3,432 on Jan. 31 to a 16-month low of $1,750 on March 11.

While ETH has rebounded 18% since, it failed to produce a decisive break above $2,000 for a second time in less than 10 days.

This weakness is reflected in onchain activity, with Ethereum’s daily transaction count dropping to levels last seen in October 2024, before Donald Trump’s presidential election victory.

Ethereum daily transaction count. Source: CryptoQuant

Ethereum’s

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