September 27, 2022

Here’s Why Ethereum (ETH) Recorded Unprecedented Hike

The August 8 trading session remained fascinating for Ethereum HODLers as the altcoin saw its price skyrocketing past $1,800 after struggling beneath the mark for two months (Santiment data).

The Ethereum blockchain saw daily active addresses interacting with the altcoin hitting above 546,00 within the past 30 days. Santiment indicated that this was the highest daily address metric the alt recorded so far in 2022.

The Leading Alt Flourishes

Ether changed hands at around $1,059 at the bullish markets’ start in July. The close correlation with BTC saw Ethereum skyrocketing highs as the world’s largest crypto rallied.

The August 8 intraday trading session saw ETH changing hands beyond $1,800, following a more than 40% within the past month. Moreover, the ETH Network has recorded more than 15 billion trading volume over the past 30 days.

While publishing this post, Ethereum traded at $1,711, following retracement from its latest highs. Coinmarketcap data shows the token’s trading volume increased by over 50% within that timeframe.

The 4hr chart shows gradual ETH accumulation during this publication. Ethereum’s Money Flow Index and Relative Strength Index stood at 74 and 63, respectively.

On-Chain Analysis

The past 30 days saw addresses with 100 – 1,000 ETHs increasing their balances by 1%. According to Glassnode’s data, the Ethereum network’s wallets with over 1K tokens hit a 7-month peak at 6,333.

Moreover, leading whales with 100,000 – 1,000,000 tokens grew their balances by 6%. Nevertheless, the 1,000,000 – 10,000,000 cohort trimmed their balances by 14%. The 30-dayMVRV shows that most ETH investors enjoyed profits within the past month as the alternative token surged to higher value areas.

While publishing this post, the metric hovered at +16.36. Surprisingly, the weighted sentiment was -0.32 during this publication. That indicated that some market players still exhibited fear even with the overall market flashing bullishness.

Nevertheless, Ethereum has seen increased network activity within the past 30 days as the community awaits the much-anticipated Merge. The second-largest crypto remains attractive for crypto investors as it ‘exhibits’ a brighter future.

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