Ethereum Active Addresses Surge To A New All-Time High
As pointed out by an analyst in a CryptoQuant , a signal that has usually been bearish for the price of the crypto has gone off recently.The “active addresses” is an indicator that measures the total number of Ethereum wallet addresses that showed some movement on any given day. The metric takes into account both senders and receivers.
The value of the metric seems to have been pretty high in recent days | Source:In the above graph, the quant from the post has marked the relevant points of trend for the Ethereum active addresses. It looks like whenever the indicator has risen above the “575k active addresses” level, the crypto’s price has registered a local top.
The metric’s value gives hints about what kind of investors are active in the market right now. According to the quant, the latest surge could be coming from investors who are FOMO’ing into the crypto after learning about the merge and the recent upwards momentum that Ethereum has enjoyed.
ETH Price
At the time of writing, Ethereum’s price floats around $1.6k, up 14% in the last seven days. Over the past month, the crypto has gained 51% in value.
Below is a chart that shows the trend in the price of the coin over the last five days.Looks like the value of the crypto has slid down over the last couple of days | Source:
Featured image from Choong Deng Xiang on Unsplash.com, charts from TradingView.com, CryptoQuant.com