Ethereum: Will high network activity lead to a price hike

ETH was down by more than 2% in the last 24 hours.
Buying pressure on Ethereum was high, and whale activity increased.

Ethereum [ETH] once again proved that it is the king of altcoins, as it outshone the rest. If the latest data is to be considered, ETH was the leader in recent volatility and average intraday price changes among top-tier capital assets. Does this hint at a price uptick soon?

Ethereum sits at the top

As per IntoTheBlock’s data, the Ethereum ecosystem remained highly active on the price font and other related aspects, outperforming the rest. This could possibly indicate a price rise in the coming days.

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According to CoinMarketCap, ETH’s price rose by over 12% in the last 30 days.

#Ethereum is leading in recent volatility and average intraday price changes among top tier capital assets.@intotheblock data is simplified and indicates that the #eth ecosytem is strongly active. A price run would not be a surprise.#crypto #bitcoin #Market #currency #BBB24 pic.twitter.com/O1pLDxgiNw

— 🍞ℤ𝕐ℝ𝔼 (@lord_zyre) January 19, 2024

While ETH’s activity on the price front remained high, AMBCrypto planned to check its network activity.

An analysis of Artemis’ data clearly revealed that both Ethereum’s daily active addresses and daily number of transactions remained relatively high throughout the last 30 days.

Source: Artemis

Not only that, but things on the captured value front also looked promising. This seemed to be the case as ETH’s fees gained upward momentum.

In addition to the uptick, the blockchain’s revenue also followed a similar increasing trend. However, a negative flag was the drop in its TVL.

Source: Artemis

Will ETH’s price move up further?

Though ETH’s value surged in double digits last month and network activity remained high, its daily chart turned red. The king of altcoins was down by more than 2% in the last 24 hours.

At press time, ETH was trading at $2,477.74 with a market capitalization of over $297 billion.

To see how investors were reacting to this, we checked Santiment’s data. Our analysis revealed that investors were exerting buying pressure on the token. This was evident from the fact that Ethereum’s supply on exchanges dipped while its supply outside of exchanges went up.

Additionally, whales were also confident in ETH as its supply held by top addresses increased last week.

Source: Santiment

Read Ethereum’s [ETH] Price Prediction 2024-25

Considering the high ecosystem activity and buying pressure, the possibility of a price uptick in the coming days can’t be ruled out. Therefore, AMBCrypto then took a look at ETH’s liquidation heatmap to see the upcoming resistance levels.

Our analysis revealed that ETH would face strong resistance near the $2,600 mark. If it managed to climb above that level, it would again face resistance between $2,770 and $2,800.