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Ethereum’s network activity has these tips for long-term investors

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Source: Unsplash

The price of the leading altcoin, Ethereum [ETH], traded above $1,770 during the intraday trading session on 28 July. The last time that the altcoin reached this price was on 10 June.

Furthermore, according to data from Santiment, with the recent price rally, the coin’s trading volume has hit a six-week high.

Two days ago, Ethereum witnessed significant growth in the number of unique addresses that traded the king alt as the daily active addresses hit an all-time high (ATH).

According to data from IntotheBlock, over 1.1 million addresses made an ETH transaction two days ago, making a total of 1.64 million transactions recorded that day. 

What else did we spot about the alt’s performance in the last 24 hours?

Price-performance analysis 

Trading at $1,724.91 at press time, data from CoinMarketCap revealed a 5.79% growth in the price of the altcoin in the last 24 hours.

The altcoin’s trading volume also witnessed a 7.93% uptick within the same time and its trading volume stood at 26.74 billion at press time. The alt’s trading volume has risen rapidly by 41%  in the last seven days. 

Following the price rally of 28 July, ETH’s market capitalization reclaimed the $205 billion spot. At press time, the alt’s market capitalization stood at $211.34 billion. At $133.35 billion just a month ago, ETH registered a 58% growth in its market capitalization in the last 30 days. 

Source: Santiment

On the four-hour chart, the ETH coin was severely overbought. The token’s Money Flow Index (MFI) was spotted in an uptrend at 90.40. Similarly, its Relative Strength Index (RSI) maintained a position at 70.08 index.

With key indicators trading at these levels, caution is necessary as a bearish retracement usually follows such highs. 

Source: TradingView

Declining network activity

In the last 24 hours, 501.89k unique addresses have transacted the ETH coin. This represents over a 90% decline in daily active addresses since the high of 26 July. 

The index for the new addresses created daily on the ETH network has risen steadily in the last seven days. With 74,000 new addresses created in the last 24 hours, the alt has seen a 4% growth in the new addresses created on its network daily.

However, on a 24-hour window, this has declined by over 25%.

Further, after growing by 36% in the last four days, the coin’s transaction volume plummeted in the last 24 hours. 468,000 at press time, transaction volume has declined by over 500%.

Valued in USD, this represented a drop from $6.09 billion to $1.09 billion.

Source: Santiment

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Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

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