<ul><li>The bearish setup and decreasing transaction fees are raising concerns about the possibility of a second leg of ETH's drop towards $1,200.</li><li>Ethereum's network activity has slumped, with daily transaction count reaching levels last seen in October 2024.</li><li>The average transaction fees on Ethereum have plummeted, hitting an all-time low of 0.00025 ETH ($0.46) on March 24.</li><li>With declining burn rate and rising supply, Ethereum's supply has steadily increased, reversing the deflationary period caused by the switch to proof-of-stake.</li></ul>

ETH price to $1.2K? Ethereum's PoS ‘deflation’ ends with fees at all-time lows

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