Ethereum Could Be Set To Explore New Highs As On-Chain Metrics Light Up
12 Novembre 2024 - 8:30AM
NEWSBTC
On-chain data shows metrics related to network activity have spiked
for Ethereum recently, something that could pave way for a further
rally. Ethereum Transaction Volume & Whale Transfer Count Have
Spiked Recently According to data from the on-chain analytics firm
Santiment, Ethereum has seen an uplift in two activity-related
metrics. The indicators in question are the Transaction Volume and
the Whale Transaction Count. The first of these, the “Transaction
Volume,” keeps track of the total amount of the cryptocurrency (in
USD) that users on the ETH network are shifting across the network
with their transactions. Related Reading: Dogecoin To As High As
$23? This Pattern Could Hint So When the value of this metric is
high, it means the ETH blockchain is processing the transfer of a
large number of coins right now. Such a trend suggests the
investors actively invest in asset trading. On the other hand, the
low indicator implies the interest in the cryptocurrency may
currently be low as the holders are only moving around a low amount
of ETH. Now, here is a chart that shows the trend in the
Transaction Volume for Ethereum over the last few months: As
displayed in the above graph, the Ethereum Transaction Volume has
registered a sharp surge recently, implying interest in the asset
has increased alongside the price rally. This could be considered a
constructive development for the cryptocurrency, as an increasing
network activity is generally required for rallies to be
sustainable. In the past, some price moves have kicked off sharply,
but the Transaction Volume didn’t register much of an increase at
the same time. Such moves generally died out before long. The chart
also contains the data for the other metric of relevance here, the
“Whale Transaction Count.” This indicator measures the total amount
of ETH transfers valued at more than $100,000. Transactions of this
scale are assumed to be coming from the whale entities, so the
Whale Transaction Count reflects the activity level of the
big-money investors. From the graph, it’s apparent that this
indicator has also spiked for Ethereum recently, which implies that
the recent increase in the volume isn’t just a sign of interest
from the smaller investors but also the humongous hands. Naturally,
it’s impossible to say based off these indicators alone, whether
the investors are buying or selling, as all types of transactions
look the same from their view. Because ETH has seen a sharp rally
recently, this activity has probably been for accumulation so far.
Related Reading: Bitcoin Holder Profits Now 121%: How Much Higher
Can BTC Go? The analytics firm explains, Expect any growth from
Bitcoin, during this bull run, to see profits redistribute into
Ethereum and potentially push it toward its own all-time high while
its network activity looks very healthy. ETH Price After observing
a surge of more than 27% over the last seven days, Ethereum has
broken beyond the $3,150 level. Featured image from Dall-E,
Santiment.net, chart from TradingView.com
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