March 27, 2024
Santiment's latest report on Ethereum's on-chain activity
Altcoins News

Santiment Report: Ethereum Surges to Second-Highest Daily Active Addresses Ever

Santiment, a market intelligence platform, has released a report based on its analysis of Ethereum’s (ETH) on-chain activity. The report reveals a significant increase in the number of daily active Ether addresses, reaching approximately 1,089,893 on September 13th.

This recent surge marks the second-highest count of daily active addresses ever recorded in Ethereum’s history. The highest count was observed on December 9, 2022, coinciding with Ether’s rebound following its losses from the post-2021 bear market.

As a consequence of this uptick in on-chain activity, analysts at Santiment suggest that the Ethereum market could see heightened volatility, possibly leading to a recovery. Furthermore, this increase in on-chain activity indicates a growing demand for ether.

Ethereum, the second-largest blockchain by market capitalization, is currently facing immediate market turbulence following a recent price decline that pushed it below the $1.7k threshold. Nonetheless, Ethereum maintains its position in the DeFi ecosystem and the smart contract arena, with approximately $20 billion in total value locked (TVL).

Ethereum continues to attract institutional investors, as evident in the increasing interest in spot ETFs. Additionally, the Ethereum network plays a central role in various blockchains due to its EVM network. Consequently, the Ethereum network’s prospects appear largely positive, supported by its substantial valuation, liquidity, and robust trading activity.

Regarding the analysis of Ether’s price, it is important to note that despite its status as a prominent altcoin with unique fundamentals, Ethereum’s price movement remains significantly influenced by Bitcoin.

Historically, September, especially prior to a halving event, has been characterized as a bearish period for the cryptocurrency market. This suggests the possibility of Ethereum’s price continuing to decline in the coming weeks, potentially approaching the next support level at around $1.5k. Additionally, the cryptocurrency faces substantial selling pressure as both weekly and daily death crosses form between the 50 and 200 moving averages (MA).

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