Ethereum’s On-Chain Metrics Continue to Plunge Despite 20% Bounce

Ethereum’s On-Chain Metrics Continue to Plunge Despite 20% Bounce
фото показано с : bitcoinist.com

2020-10-12 10:00

Ethereum has undergone a strong bounce since the lows seen in September. As of this article’s writing, the coin trades for $372, around 20% above those lows. The cryptocurrency is about the set a weekly close above the $365-370 resistance. Despite this strong bounce in the price of Ethereum, on-chain metrics show that the blockchain is currently weakening. Fortunately, the leading cryptocurrency has positive fundamental and technical trends that may result in growth in the future. Ethereum On-Chain Metrics Are Weakening

Etheruem has undergone an extreme bounce since the lows seen in early September. Despite this, the blockchain’s on-chain trends are weakening.

Santiment, a leading blockchain analytics company, reported on October 11th that the number of daily active addresses on Ethereum is still in a “mild decline.” As can be seen, the metric has dropped by around 50% since topping during the rally in late July:

“$ETH’s daily active address metric is still revealing that there is still plenty to be desired since its peak in late July. There has been a decline in unique addresses interacting on the #Ethereum network, particularly since September 17th.”

Chart of ETH's price action over the past few months with an daily active address overlay shared by Santiment, a blockchain analytics company.

It seems that this decline comes as many users have lost interest in certain aspects of the decentralized finance space.

Ethereum-based yield farming applications were fuel for an influx of users over the past few months. But with many turning out to be scams, unsustainable, or unprofitable for retail users, they may have stopped using them or are seeking opportunities on other blockchains.

Technical Trends Still Strong

Ethereum’s technical trends are strong despite the on-chain weakness.

Brave New Coin’s Josh Olszewicz recently noted that the Ichimoku Cloud on the weekly has flipped green, something that hasn’t been seen since late 2018. This suggests that the cryptocurrency is likely to perform “extremely well” throughout Q2 of 2021 and moving on from there:

“1W $ETH. Cloud green for the first time since late 2018 this bodes extremely well for Q2 2021.”

Chart of ETH's price action over the past few years with analysis by crypto trader josh olszewicz (Carpenoctum on Twitter). Chart from TradingView.com

On a shorter-term basis, ETH is breaking above a falling wedge pattern, which is good for the bull case.

Photo by Ryan Clark on Unsplash Price tags: ethusd, ethbtc Charts from TradingView.com Ethereum's On-Chain Metrics Continue to Plunge Despite 20% Bounce origin »

Bitcoin price in Telegram @btc_price_every_hour

Bounce Token (BOT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $2723.92
Капитализация $0 Rank 99999
Цена в час новости $ 358.28 (-100%)

bounce above ethereum lows around writing coin

Источник: bitcoinist.com

bounce above → Результатов: 121


Price Watch: Bitcoin Rallies Above $8,150 But $8,250 Remains Key Obstacle

Bitcoin has made a big comeback, successfully climbing back above $8,100. The return by the bulls comes after a dip a day ago that saw Bitcoin retest the $7,750 low. While the drop below one of its higher support position of $7,800 was troubling, its ability to bounce up before testing the troubling $7,600 was […] The post Price Watch: Bitcoin Rallies Above $8,150 But $8,250 Remains Key Obstacle appeared first on ZyCrypto.

2019-6-12 19:32


Verge Price Analysis XVG / USD: Dead Cat Bounce

Verge has turned bullish in the short-term, with the cryptocurrency trading well above its 200-period moving average on the four-hour time frame The XVG / USD pair has now broken above its key 200-day moving average Bearish head and shoulders patterns remain valid on the four-hour and daily time frames Verge / USD Short-term price […] The post Verge Price Analysis XVG / USD: Dead Cat Bounce appeared first on Crypto Briefing.

2019-5-16 16:57


дальше еще 72 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Brief Ethereum Recovery Coincides With Record-Breaking Levels Of Address Expansion

Ethereum saw a brief bounce, which pushed its price above the $2,000 mark, but this upward move seems lost its momentum and has fallen below the level. Amid this, ETH’s price bounce on Tuesday comes a notable spike in the network’s on-chain activity and the creation of new wallet addresses. Ethereum Activity Spikes to Historic […]

Bitcoin Nears Major Milestone As 100 BTC Wallets Approach Record Levels

As market participants focus on short-term price movements, Bitcoin is approaching a notable on-chain milestone, with the number of wallets holding at least 100 BTC climbing toward record levels. This growing concentration of high-value holdings reflects increasing accumulation by large investors, and is viewed as a sign of strong long-term confidence in the world’s leading cryptocurrency.

Extreme Bitcoin Shorts Could Predict A Bottom, Here’s The Significance

Bitcoin’s recent price decline has led to many traders betting on further downside, with on-chain data showing a notable increase in bearish positioning across major crypto exchanges. According to on-chain data from Santiment, aggregated funding rates have fallen into deep negative territory.