Ethereum active addresses have reached the lowest level in the last two years amid the crypto industry’s troubles.

While the crypto industry is well below the $2 trillion it recovered in March ($883 billion), Ethereum’s on-chain activity is also falling dramatically.

According to data from Coin Metrics, the number of active addresses on the Ethereum blockchain has reached its lowest level since June 2020.

While Ethereum’s number of active addresses surged to 9 million in late 2021 and early 2022, this number has now fallen to 6 million.

In May 2021, Ethereum’s active addresses reached 13 million and at that time Ethereum climbed above the $ 4,000 level by making ATH.

With the crypto collapse that followed, the number of active addresses fell below 8 million and failed to reach 10 million.

Ethereum is trading at $1,078 at the time of writing, according to CoinMarketCap data.