- ETH is down more than 2% in the last 24 hours.
- Buying pressure on Ethereum was high and whale activity increased.
Ethereum (ETH) It has proven once again that it is the king of altcoins, surpassing other coins. Considering the latest data, ETH takes the lead in recent volatility and average intraday price movement among the top capital assets. Does this mean prices will rise soon?
Ethereum is at the top
According to data from IntoTheBlock, the Ethereum ecosystem has remained very active in terms of price fonts and other related aspects, outperforming the rest of the ecosystem. This could indicate future price increases.
According to CoinMarketCap, the price of ETH has risen more than 12% in the past 30 days.
#Ethereum It has recently been driving the volatility and average intraday price movements of top capital assets.@intotheblock Indicates that the data is simplified. #eth The ecosystem is very active. The rise in prices is not surprising.#Cryptocurrency #Bitcoin #market #call #BBB24 pic.twitter.com/O1pLDxgiNw
— 𝕐ℝ𝔼 (@lord_zyre) January 19, 2024
Although ETH’s activity in terms of price was still high, AMBCrypto planned to check the network activity.
Artemis’ Analysis data The past 30 days have clearly shown that both daily active addresses and daily transaction count on Ethereum have remained relatively high.
Source: Artemis
Additionally, the situation in terms of captured value looked promising. This seemed to be the case ETHFees have gained upward momentum.
In addition to the upward trend, blockchain revenues also showed a similar upward trend. However, a negative sign was the decline in TVL.
Source: Artemis
Will ETH price rise further?
Last month, the value of ETH surged by double digits and the daily chart turned red, although network activity remained high. The king of altcoins is down more than 2% in the last 24 hours.
At the time of reporting, ETH was transaction Its market capitalization is $2,477.74, which is over $297 billion.
We checked out Santiment’s data to see how investors are reacting to this. Our analysis shows that investors are putting buying pressure on the token. This is evident from the fact that while Ethereum’s supply on exchanges has decreased, its supply outside of exchanges has increased.
Moreover, the whales were also confident. ETH This is because the supply of top addresses increased last week.
Source: Santiment
read Ethereum (ETH) price prediction 2024-25
Considering the high ecosystem activity and purchasing pressure, the possibility of future price increases cannot be ruled out. Therefore, AMBCrypto looked at ETH’s liquidation heatmap to identify upcoming resistance levels.
Our analysis shows that ETH will face strong resistance near $2,600. A move above this level will again face resistance between $2,770 and $2,800.
Source: Hiblock Capital