Ethereum (ETH) Analysis: A Surge in Activity But Price Struggles
Ethereum Network Activity Surges
The Ethereum network has experienced a surge in user activity over the past week, with daily active addresses increasing significantly. According to Artemis’ data, there was a 21% jump in unique addresses engaging in transactions, totaling 362,000.
Transaction Count Rises
As Ethereum's user base expands, daily transactions also saw an uptick, reaching 1,159,085—a rise of 8%. Typically, such growth is viewed positively for price, but ETH has faced selling pressure.
Price Outlook amid Selling Pressure
Despite the increased activity, ETH's price reaction has remained muted due to ongoing selling from traders. A critical indicator, the Chaikin Money Flow (CMF), is currently below zero at -0.11, indicating more selling than buying.
Price Prediction: Key Levels to Watch
ETH is currently trading at $2,465, with immediate support at $2,353. If selling accelerates, we may see further declines to $2,111. Alternatively, a surge in demand could push prices towards $3,102.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.