Ethereum, the second-largest cryptocurrency by market capitalization, is facing mounting challenges as new data reveals significant pressure on its network. Concerns have been raised by market analysts, including one prominent voice on X (formerly Twitter), who warned that Ethereum could be heading into a "death spiral."

The analyst, Krueger, highlighted alarming figures shared by the Ethereum community that point to a dramatic drop in daily revenue for the network. According to the latest reports, Ethereum’s daily revenue has plunged by over 90% since the beginning of 2024, marking an all-time low for the digital asset.

This sharp decline in revenue has sparked fears about the long-term viability of the Ethereum network, which has been a cornerstone of the decentralized finance (DeFi) ecosystem. The decreased revenue is particularly concerning as it could impact the network's ability to fund development, pay for security, and maintain its infrastructure.

As Ethereum struggles with these financial pressures, the broader cryptocurrency community is watching closely. The altcoin has been a key player in the crypto space, and any prolonged instability could have ripple effects across the market.

The coming months will be critical for Ethereum as it navigates these challenges. Whether it can bounce back from this slump or if it will continue to spiral downward remains to be seen.