Ethereum’s active addresses second-highest in history: Analysts - New Style Motorsport
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Ethereum’s active addresses second-highest in history: Analysts

Ethereum’s active addresses second-highest in history: Analysts

Analysts at market intelligence platform Santiment suggest that the Ether market may experience increased volatility, potentially leading to a recovery.

Through an examination of Ether’s
ETH

tickers down
$1,628

on-chain activity, market intelligence platform Santiment has published a report indicating that the

count of daily active Ether addresses experienced a notable increase, reaching around 1,089,893 on Sept. 13.

This recent upsurge represents the second-highest number of daily active addresses ever recorded in

Ethereum’s history. The highest count was registered on Dec. 9, 2022, aligning with Ether’s

reevaluation following its losses from the post-2021 bear market.

As a result, analysts at Santiment suggest that the Ether market may experience increased volatility,

potentially leading to a recovery. Additionally, this uptick in on-chain activity indicates a growing

demand for the underlying asset.

Ethereum, whose native crypto, ETH, is the second-largest by market capitalization, is presently

encountering immediate market instability after a recent price decline that pushed it below the

$1,700 threshold. Nevertheless, Ethereum maintains its position in the decentralized finance

ecosystem and smart contract arena, securing around $20 billion in total value locked.

Ethereum remains attractive to institutional investors, as seen in the growing interest in spot

exchange-traded funds. Additionally, the Ethereum network holds a central role in numerous

blockchains due to its Ethereum Virtual Machine network. As a result, Ethereum’s prospects seem

largely optimistic, supported by the network’s significant valuation, liquidity and strong trading activity.

When it comes to analyzing Ether’s price, it’s worth noting that, despite being a prominent altcoin

with unique fundamentals, ETH’s price movement is still considerably impacted by Bitcoin
BTC

tickers down
$26,661

. Throughout history, September, particularly before a halving event, has been recognized as a bearish period for the cryptocurrency market.

This might suggest that Ether’s price will continue its decline in the upcoming weeks, potentially

nearing the next support level at approximately $1,500. In addition, the cryptocurrency is encountering

significant selling pressure as both weekly and daily death crosses form between the 50- and 200-day moving averages.