- The number of addresses on the network has been falling for the last seven days
- ETH supply on exchanges fell, reducing the potential of a sell-off
Though Spot Ethereum [ETH] ETFs would begin active trading in a few days, activity on the blockchain’s network has been discouraging. AMBCrypto found that out after evaluating the project’s network activity.
At press time, we observed that Ethereum’s active, new, and zero-balance addresses had dropped. By definition, new addresses refer to unique users making their first successful transaction on the network.
Activity falls, but there is a catch
This metric acts as a measure of traction or adoption. On the other hand, active addresses track the number of users participating in transactions. When this metric rises, it means an increase in the level of user engagement and growth.
However, at the time of writing, active addresses had fallen by 15.45%. in the last seven days. New addresses were not spared either with a 6.50% decline.
Source: IntoTheBlock
This development comes as a surprise considering how close the projected ETF launch is. If this decline lingers, the price of ETH could be affected. This, because a drop in Ethereum’s network activity could mean less demand for the cryptocurrency.
According to CoinMarketCap, ETH’s price was $3,379 at the time of writing. This represented a depreciation of 3.35% within the last week.
Another indicator AMBCrypto examined was the Exchange Supply Ratio. This is the ratio of coins reserved in exchanges, relative to the total ETH supply.
When it hikes, it means that the number of coins sitting on exchanges is moving up. A potential consequence of this is a rise in selling pressure which could later on lead a price fall.
However, at press time, the ratio seemed to be falling, according to data from CryptoQuant. This decline lowers the risk of a sell-off as holders seem to be comfortable locking their assets for safekeeping.
Source: CryptoQuant
ETH traders are not confident
As funds move away from exchanges, the potential for a bull run rises. However, for this to affect ETH in a positive manner, buying pressure needs to rise.
If this is the case, ETH’s price could climb towards $3,600 within the first few days of July. However, if the opposite happens, the value could consolidate between $3,200 and $3,400.
Additionally, Ethereum’s Open Interest dropped from the value it had on 27 June. OI, which is its short form, refers to the value of open positions in the derivatives market.
An increase in this metric implies that traders are involved in a lot of speculative activity. On the contrary, when it falls, it means that traders are closing existing positions and taking money out of the market.
With a value of $13.14 billion, ETH’s OI implied that participants are not refraining from opening positions to capitalize on movements from the price.
Source: Glassnode
Read Ethereum’s [ETH] Price Prediction 2024-2025
Should the value continue to fall, ETH’s price could also follow in the downward direction. However, this prediction might be invalidated if open contracts increase and buying pressure in the spot market follows.
If this is the case, ETH could begin a hike towards $4,000.
- The number of addresses on the network has been falling for the last seven days
- ETH supply on exchanges fell, reducing the potential of a sell-off
Though Spot Ethereum [ETH] ETFs would begin active trading in a few days, activity on the blockchain’s network has been discouraging. AMBCrypto found that out after evaluating the project’s network activity.
At press time, we observed that Ethereum’s active, new, and zero-balance addresses had dropped. By definition, new addresses refer to unique users making their first successful transaction on the network.
Activity falls, but there is a catch
This metric acts as a measure of traction or adoption. On the other hand, active addresses track the number of users participating in transactions. When this metric rises, it means an increase in the level of user engagement and growth.
However, at the time of writing, active addresses had fallen by 15.45%. in the last seven days. New addresses were not spared either with a 6.50% decline.
Source: IntoTheBlock
This development comes as a surprise considering how close the projected ETF launch is. If this decline lingers, the price of ETH could be affected. This, because a drop in Ethereum’s network activity could mean less demand for the cryptocurrency.
According to CoinMarketCap, ETH’s price was $3,379 at the time of writing. This represented a depreciation of 3.35% within the last week.
Another indicator AMBCrypto examined was the Exchange Supply Ratio. This is the ratio of coins reserved in exchanges, relative to the total ETH supply.
When it hikes, it means that the number of coins sitting on exchanges is moving up. A potential consequence of this is a rise in selling pressure which could later on lead a price fall.
However, at press time, the ratio seemed to be falling, according to data from CryptoQuant. This decline lowers the risk of a sell-off as holders seem to be comfortable locking their assets for safekeeping.
Source: CryptoQuant
ETH traders are not confident
As funds move away from exchanges, the potential for a bull run rises. However, for this to affect ETH in a positive manner, buying pressure needs to rise.
If this is the case, ETH’s price could climb towards $3,600 within the first few days of July. However, if the opposite happens, the value could consolidate between $3,200 and $3,400.
Additionally, Ethereum’s Open Interest dropped from the value it had on 27 June. OI, which is its short form, refers to the value of open positions in the derivatives market.
An increase in this metric implies that traders are involved in a lot of speculative activity. On the contrary, when it falls, it means that traders are closing existing positions and taking money out of the market.
With a value of $13.14 billion, ETH’s OI implied that participants are not refraining from opening positions to capitalize on movements from the price.
Source: Glassnode
Read Ethereum’s [ETH] Price Prediction 2024-2025
Should the value continue to fall, ETH’s price could also follow in the downward direction. However, this prediction might be invalidated if open contracts increase and buying pressure in the spot market follows.
If this is the case, ETH could begin a hike towards $4,000.
can you buy clomid prices generic clomiphene for sale clomiphene tablete buy clomiphene price buying generic clomiphene price where can i buy cheap clomid price where can i buy generic clomiphene without prescription
This is a keynote which is virtually to my fundamentals… Numberless thanks! Quite where can I lay one’s hands on the phone details an eye to questions?
More articles like this would remedy the blogosphere richer.
azithromycin 250mg usa – buy azithromycin online how to get flagyl without a prescription
buy rybelsus 14mg without prescription – order semaglutide 14 mg pills order cyproheptadine 4 mg sale
buy domperidone 10mg pill – buy flexeril generic flexeril 15mg generic
buy propranolol pills – order generic clopidogrel methotrexate tablet
cheap amoxicillin tablets – buy ipratropium for sale order combivent 100mcg pills
azithromycin 250mg for sale – azithromycin 500mg tablet buy bystolic without a prescription
order amoxiclav pills – https://atbioinfo.com/ ampicillin price
warfarin 5mg price – https://coumamide.com/ losartan 50mg without prescription
mobic 15mg brand – moboxsin.com buy meloxicam 7.5mg generic
order prednisone sale – https://apreplson.com/ deltasone 20mg for sale
the blue pill ed – https://fastedtotake.com/ best ed drugs
buy amoxicillin – combamoxi amoxil online buy
buy fluconazole 200mg – https://gpdifluca.com/# buy fluconazole online cheap
purchase cenforce for sale – https://cenforcers.com/ order cenforce 100mg pill
cialis 100mg – https://strongtadafl.com/# buy tadalafil cheap online
order generic ranitidine – online ranitidine 300mg cost
where can i buy cialis or viagra on line – generic viagra 50mg buy priligy viagra
The depth in this ruined is exceptional. viagra efectos negativos
More posts like this would make the blogosphere more useful. how to get zithromax without a prescription
The depth in this serving is exceptional. https://ursxdol.com/propecia-tablets-online/
With thanks. Loads of conception! https://prohnrg.com/product/metoprolol-25-mg-tablets/
Thanks recompense sharing. It’s outstrip quality. https://aranitidine.com/fr/prednisolone-achat-en-ligne/
Thanks for sharing. It’s acme quality. https://ondactone.com/simvastatin/
This is the tolerant of enter I recoup helpful.
https://doxycyclinege.com/pro/levofloxacin/
More articles like this would frame the blogosphere richer. https://myvisualdatabase.com/forum/profile.php?id=118018
forxiga for sale online – https://janozin.com/ forxiga 10mg uk
buy xenical online – https://asacostat.com/ generic orlistat 60mg