Ethereum's price has declined significantly, dropping to $2,890, a 42% decrease from its August 2021 high, despite robust on-chain activity. The cryptocurrency has formed a bearish flag pattern, suggesting a potential further drop to $2,500. This decline comes amid a broader market downturn influenced by geopolitical tensions and asset rotation to gold and silver. On-chain metrics reveal Ethereum's network growth, with transactions rising 36% to over 64 million in the past month, and active addresses increasing by 50% to 14.3 million. Ethereum maintains a strong presence in the stablecoin and Real-World Asset (RWA) markets, processing $986 billion in stablecoin transactions and holding a 60% market share in RWA tokenization. Despite these positive metrics, Ethereum's price struggles due to external market pressures and ETF outflows. Upcoming upgrades like Glamsterdam and Hegota aim to enhance network capabilities, potentially influencing future price movements.