Ethereum’s price fell to $2,700 today amid warnings from 10x Research, which highlighted on-chain risks and potential vulnerabilities in network activity, according to a post on X. The research firm noted that unusual patterns in smart contract usage and liquidity flows could signal heightened downside pressure.
On Ethereum:
Since the summer of 2024, DeFi activity has been extremely muted, resulting in very limited fee generation on the Ethereum network.Part of this is due to Layer-2 migration and network upgrades, but the more important point is that activity simply hasn’t recovered.… pic.twitter.com/xJKbmKrLS6
— 10x Research (@10x_Research) November 21, 2025
The price drop has affected traders and DeFi participants relying on Ethereum for lending, staking, and decentralized exchanges. According to 10x Research, these on-chain signals indicate that overleveraged positions and concentrated holdings may trigger further volatility if market conditions worsen. Analysts note that the movement reflects both technical and structural risks within the Ethereum ecosystem rather than broader macroeconomic factors.
Investors and market watchers are advised to monitor on-chain metrics, including network activity and transaction concentration, to gauge the sustainability of current price levels. 10x Research suggests paying close attention to liquidity pools and smart contract utilization over the coming days, as they could indicate whether the market stabilizes or experiences continued downside pressure.
Source: 10x Research on X.
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