Ethereum’s price was $3,658 as of press time. It has gained 2.2% in the last 24 hour due to a spike in on-chain metrics.
The following is a summary of the information that you will find on this page.
- Ethereum trades at $3.658, down 4.7% on the week but up 2.2% for the day.
- The daily Ethereum transaction reached 1,87M in August, nearing record levels.
- The technical indicators indicate a neutral trend, and the price is consolidating in a range between $3.450 and $3.920.
Even though the price has dropped 4.7% this week, it remains 30 % higher than it did a year ago. In the meantime, as both buyers and seller balance each other out, this current week’s range between $3,380 and $3,874 indicates a time of steady movement.
Meanwhile, market activity appears to be slowing. According to Coinglass, daily trading volume dropped by 15.6%, to $22.2 Billion, and derivatives volume was down over 20%, to $77.2 Billion. data. Open interest is a good indicator of the number of active positions on the market.
Stablecoin demand boosts network activity
Ethereum’s (ETHThe use of the ) network is growing rapidly. Etherscan data shows that the number of daily transactions reached 1.87 millions on August 6. dataThe price of bitcoin is now approaching the record high set in January 2024, when it reached 1.96 million. The increase is in contrast to the downward trend of last year when Ethereum was losing ground against faster and cheaper chains, such as Solana.SOL).
Mainly Tether, stablecoins are active.USDTUSD Coin) (USDCAs the U.S. legal environment improves, the growth of transactions is expected to increase. The market is gaining confidence and on-chain use has increased thanks to recent changes. passed The GENIUS Act is a clarification of the rules for dollar-backed coins.
Parallel parallel demand Institutional investors continue to increase. Nate Geraci is the president of NovaDius Wealth. He reported that since June 1, both ETH treasury companies and U.S. ETH spot ETFs have accumulated a total of 3.2% of ETH.
Strategic ETH Reserve data The report shows 64 companies hold around $3.03 billion worth of ETH. The net assets of U.S. ETH spot ETFs are higher. reached $20.61 billion.
Ethereum technical analysis
Ethereum has a neutral trend. Price is just below the simple 20-day moving average of $3,685. The relative strength indicator is at 58 and neither overbought or oversold. All oscillators point at a balance, such as the Stochastics and commodity channel index.
Moving averages continue to be supportive. ETH trades above the 10-day to 200-day simple and exponential moving averages. Awesome oscillator, and momentum are both showing some strength but not enough for a clear direction.
Price may vary move It will rise to $3.920 once it reaches $3.685. On the downside, support at $3450 remains crucial. ETH is consolidating for now while underlying demand grows.
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Source: crypto.news
