Ethereum’s signals are mixed, as macro-bearish warnings and record usage on the blockchain clash.
The following is a summary of the information that you will find on this page.
- Ethereum’s simple moving average (7-day) of active addresses has increased to around 718,000.
- Ether, despite the recent surge of activity, has been unable to move beyond its trading range.
- Bloomberg Intelligence commodity specialist Mike McGlone says that ether is susceptible to further downward movement.
Bloomberg Intelligence’s commodity strategist Mike McGlone says Ether is vulnerable to further downward pressure. He warns that it will more than likely slip below the key support rather than reach new heights, as market volatility increases.
Ethereum data on the chain, however, shows an accelerating activity in spite of the rangebound prices.
The average number of addresses that have been active in Ethereum for the past seven days climbed Blockchain data shows that the number of transactions has risen to 718, which is the highest ever. The achievement signals a growing user base and increased transaction volume across the blockchain.
Ether, despite its recent activity surge, has been unable to escape from the established range of trading. It was only up by 3%, and remained below its recent highs.
In the past, periods of flat pricing and increasing usage have preceded price increases. This is because expanding network activity reflects a growing utility which markets cost with lag. Analysts suggest that the most recent surge in activity is likely to be due either to increased Layer-2 adoption or a return of retail participation.
For now, Ethereum’s fundamentals appear to be strengthening even as macro risks — including equity market volatility and tightening financial conditions — weigh on investor sentiment, leaving traders to decide whether network growth or broader risk-off pressures will ultimately dictate ETH’s next move.
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Source: crypto.news
