Ethereum Active Addresses Reach ATH, Here’s What Happened Last Time
2022年8月3日 - 04:00AM
NEWSBTC
On-chain data shows the number of active Ethereum addresses has
recently spiked up to a new all-time high. Here’s what happened in
the past when the metric reached such high values. Ethereum Active
Addresses Surge To A New All-Time High As pointed out by an analyst
in a CryptoQuant post, 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. When
the value of this metric goes up, it means an increasing number of
addresses are displaying some activity right now. Especially large
values can be a sign of high activity from retail investors. On the
other hand, low values of the indicator suggest not too many
Ethereum wallets are making moves at the moment. Now, here is a
chart that shows the trend in the ETH active addresses over the
last few years: The value of the metric seems to have been pretty
high in recent days | Source: CryptoQuant 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 has just recently observed a
very sharp spike and set in a new ATH. The last all-time high
occurred back in the 2017 bull run and coincided with the rally’s
top. If the past trend is anything to consider, then the latest
surge to values never seen before may prove to be bearish for the
coin this time as well. Normally, one would think a large amount of
addresses should instead be bullish as it shows high investor
activity. However, the analyst believes it to not be the case. 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: ETHUSD on TradingView Featured image
from Choong Deng Xiang on Unsplash.com, charts from
TradingView.com, CryptoQuant.com
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