Ethereum Network Experiences Fastest Growth in Daily Transactions Amid Rising ETH Prices
As the market returns bullish momentumThe price of Ethereum turned to the upside, approaching the level of $ 2,200. Looking at the latest on-chain data, this positive performance is starting to be seen on the ETH network, with transactions on the chain spiking to significant levels.
Daily Transactions Count on the Rise of Ethereum
Ethereum’s price action moves in line with the network’s performance, raising speculation that ETH is gathering momentum under a potential rally. While the Ethereum price is currently breaking through key resistance points, the network is reaching levels not seen in months.
In X’s post, CW, a data analyst at CryptoQuant and an investor, went published that activity on the Ethereum network is increasing with apparent speed. According to the analyst, the statistics of daily transactions in the network are growing rapidly, which indicates a sharp increase in user engagement.
In addition, this increase in the number of daily transactions suggests that more participants are participating in decentralized applications, transfers, and on-chain services. All these important features show renewed demand and increased usage across ecosystems, which can translate to market advancements.
Although the price of ETH has fallen this year, activity across the leading network remains at a high level. At this point, CW says that the increase in the number of daily transactions is not a bear market signal. The price of Ethereum it may have declined, but some investors are showing strong resilience under the zone, which reinforces the growth of the network as this trend continues.
The price of ETH is moving closer to the price reached in the short term
About value actionEthereum continues to trade within a short-term range, while the altcoin is currently priced around $2,150. After a brief analysis, Darkfost, a fellow writer at CryptoQuant and a market expert, announced that the price is at a striking distance from the average received price, which currently sits at the $2,300 level.
This level often acts as a structural and psychological barrier that separates the profit from the loss of a large part of the market. ETH near this level indicates an important inflection point. Using the standard deviation, the model allows to reveal the current high price around the $5,300 mark and the low at $1,150.
Thus, Darkfost emphasized that Ethereum is placed in the middle of this the price received zone, suggesting that the best strategy for those looking to take medium- to long-term exposure is to wait out the market. Given the current market conditions, this strategy proves to be valid. In this market structure, the received price, which acts as a resistance, is expected to act as an exit level even for some investors.
At the time of writing, the price of ETH was trading at $2,117, down 2% in the last 24 hours. Its trading volume is moving in line with the price action, recording a decline of more than 7% in the previous day.
Featured image from Unsplash, chart from Tradingview.com
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