Ethereum’s Volatile Active Addresses
According to data from Glassnode, Ethereum’s daily active address metric had surged by 127% throughout the year. This substantial growth was primarily driven by increased activity on Layer 2 (L2) platforms.
An in-depth analysis of the active addresses metric on Glassnode revealed:
- A peak in daily active addresses reaching over 700,000 in June.
- A decline after a significant rise to over 510,000 in July, tapering off to approximately 436,000 by the end of July.
- A further decrease to around 395,000 as of the latest data.
Ethereum Sellers Appear More Active
Recent analysis from Glassnode highlights a significant trend: more ETH is being moved into exchanges than withdrawn. This trend indicates increased selling activity among holders.
Over the past month, there has been a notable influx of over 22,000 ETH into exchanges. Specific accounts have been particularly active, transferring a total of 19,500 ETH, valued at nearly $64 million, to the Binance exchange in the last 48 hours alone.
Such large-scale movements generally suggest a readiness to sell, increasing the supply of ETH in the market. This influx has likely contributed to the recent decline in Ethereum’s price. If demand does not keep pace with the new supply, increased selling pressure may lead to further downward price trends.
RSI Shows Increasing Bear Trend
An analysis of Ethereum’s daily price trend indicates a decline of over 1.4%, with the price currently around $3,154. This marks the fourth consecutive day of decreases.
According to AMBCrypto, the decline began around July 30, and Ethereum has been on a downward trend since then. The Relative Strength Index (RSI) is about 41, suggesting a strengthening bearish trend.
Ecosystem
Research
News Network
About