The ebbs and flows of the cryptocurrency sector are fascinating to monitor, as demonstrated by the recent activity on the Ethereum network. On Wednesday, the interaction with the layer-1 blockchain protocol witnessed an impressive surge, hitting 1.088 million active addresses, second only to its highest-ever level, as per data from crypto on-chain analytics firm Glassnode. This was more than a double spike from the previous ranges of 300,000-450,000 daily active addresses – a clear shift in the usual scene.
As if to mirror this pattern, daily blockchain transfers also spiraled to 1.18 million, breaking away from the usual average of 500,000. What is intriguing, however, is Ether – the token that powers the Ethereum protocol – yet to show any direct reaction to this clear uptick. Let’s not forget the sudden spikes that have previously surfaced and fizzled out fast, so perhaps Ether enthusiasts are treading on the safe side.
In the last trading round, ETH revolved around the $1,620 mark, struggling with resistance at its 21DMA, yet still showing a slight increase from earlier weekly lows of about 5.7%.
Taking a glimpse into the near future, if Ether breaks the barrier of its 21DMA, a possible ralley towards the $1,730-40 vicinity (the late August highs and 50DMA) becomes more plausible. This recent increase might just be the early onset of a robust on-chain activity trend, potentially providing a boost for the ETH price in the next phases.
Yet this is an industry where influential factors are plentiful and come in different forms. From the SEC’s expected approval of the ETH futures ETF within a month, the anticipation of spot ETH ETF applications in the US, to the ever-evolving crypto regulations, as the SEC lays down its authority over the US crypto domain – all these will undeniably shape the storyline.
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Source: Cryptonews
