Home>EXCHANGES>Ethereum Active Address Count Hits 2-Year High, Yet ETH Is Still Bearish
EXCHANGES

Ethereum Active Address Count Hits 2-Year High, Yet ETH Is Still Bearish



Ethereum’s price is more than 80% below its all-time high above $1,400. Yet this bearish price performance on a macro scale has not stopped users from flooding to the network.
Data suggests that usage of the network is starting to reach the highs seen at the peak of 2018’s bubble. ETH’s price is unlikely to follow, though, analysts say.
Number of Active Ethereum Addresses Spikes
The latest blockchain data shows that Ethereum users are shrugging aside the indecisive price action. Blockchain analytics firm Santiment reported on June 29th that the number of addresses interacting with the network has reached two-year highs.
“The number of daily addresses interacting with $ETH has spiked in the past 24 hours to a 2-YEAR SINGLE DAY HIGH of 486,000 addresses! The last time Ethereum’s address activity was this high was on May 5th, 2018,” Santiment wrote in reference to the data seen below.
Number of daily active addresses on Ethereum from blockchain analytics firm Santiment (@Santimentfeed on Twitter).
Prominent ETH proponent Anthony Sassano shared data from another firm in Santiment’s sector, Glassnode, suggesting the same.
It seems that the growth in the Ethereum network is due to decentralized finance (DeFi).
Due to extremely high yields offered by ETH-based protocols in the finance field, there have been many users wanting to capitalize on these trends.
Coins related to DeFi have also spiked, with analyst Taha Zafar sharing that many altcoins on Ethereum are up hundreds of percent in recent weeks. 
These trends are likely drawing in users from across the crypto space looking to profit while Bitcoin and ETH effectively flatline.
ETH’s Price Still Bearish
Despite this on-chain growth, the cryptocurrency is purportedly in a bearish state.
One trader recently shared the chart below, suggesting that if Ethereum slides slightly lower, it could plunge to $120. That would mark a 55% correction from current prices.
Image Courtesy of AMD Trades. Chart via TradingView.com
Another analyst shared that ETH’s four-hour chart is “inches away” from printing a bearish trend signal. Should this take place, this will be the first instance of this happening since March 10th, just days prior to the crash to $85.
There are also some fundamentals that may be threatening the cryptocurrency’s price outlook. 
As reported by Bitcoinist, the recent spike in usage of the network has been met with high fees. Former Messari executive Qiao Wang, who is also a notable crypto analyst, said that Ethereum could be “dethroned” by a competitor:
“So long as ETH 2.0 is not fully rolled out, there’s an obvious opportunity for a highly scalable blockchain to dethrone Ethereum. Paying $10 transaction fee and waiting 15 seconds for settlement is just bad UX.”

I’ve changed my mind after using a dozen of Defi platforms. So long as ETH 2.0 is not fully rolled out, there’s an obvious opportunity for a highly scalable blockchain to dethrone Ethereum. Paying $10 transaction fee and waiting 15 seconds for settlement is just bad UX. https://t.co/vXAAFET3YK
— Qiao Wang (@QWQiao) June 28, 2020

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Ethereum Active Address Count Hits 2-Year Highs, Yet ETH Is Still Bearish

Post source: Ethereum Active Address Count Hits 2-Year High, Yet ETH Is Still Bearish

More Bitcoin News and Cryptocurrency News on TheBitcoinNews.com



  • Bitcoin
  • Ethereum
  • Bitcoin cash
  • Litecoin
  • Cardano
  • Dash
  • Stellar
  • Ethereum classic
  • Lisk
  • Tron
  • Neo
  • Qtum
  • Omisego
  • Binance coin
  • Zcash
Scan to Donate Bitcoin to 1J6PGL1oemFb3hxabLygq4WgWx8cbfji1r

Please help us if you can with some Bitcoin

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Ethereum

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Bitcoin cash to qrth4e0g93h3gpxex8ycwuxtsa332tha5qvkmlz0g5

Please help us if you can with some Bitcoin cash

Scan the QR code or copy the address below into your wallet to send some Bitcoin cash

Scan to Donate Litecoin to LTxxjySMDtERJhHYJ99UFW9AamAWTwCAZ4

Please help us if you can with some Litecoin

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Cardano to DdzFFzCqrhsopoZLhbouUwh2NvvWMPeFrXQW9vNNpPKrjKbRGyLRN5joJgCeZ6e1MRHtPHeLffpkNpQs5AdDA8qFCZ4gA9bYtaerNQTk

Please help us if you can with some Cardano

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Dash to XmAdEHrwiVZJVkAxe8hK5U6HZB59L5yhmK

Please help us if you can with some Dash

Scan the QR code or copy the address below into your wallet to send some Dash

Scan to Donate Stellar to GD4KROE42HPOMT7BT6M27HHLFCOSIXPYY2V3WSCX5FYEWRJDIJQ4RWFT

Please help us if you can with some Stellar

Scan the QR code or copy the address below into your wallet to send some Stellar

Scan to Donate Ethereum classic to 0x5BF3fCAC8deA20CF21C9D0D9d058E00EEfc431Ae

Please help us if you can with some Ethereum classic

Scan the QR code or copy the address below into your wallet to send some Ethereum classic

Scan to Donate Lisk to 15642042552518336132L

Please help us if you can with some Lisk

Scan the QR code or copy the address below into your wallet to send some Lisk

Scan to Donate Tron to TYnAenRiV6BsTiE6FVyAcDDxZtBKUQTFxN

Please help us if you can with some Tron

Scan the QR code or copy the address below into your wallet to send some Tron

Scan to Donate Neo to ATiXRHVqYqrNktbxJfcDETfnrSUWSG4cPb

Please help us if you can with some Neo

Scan the QR code or copy the address below into your wallet to send some Neo

Scan to Donate Qtum to QUYXxY6kX7TY2HSLwVYMwFaJNZLwvX5uyp

Please help us if you can with some Qtum

Scan the QR code or copy the address below into your wallet to send some Qtum

Scan to Donate Omisego to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Omisego

Scan the QR code or copy the address below into your wallet to send some Omisego

Scan to Donate Binance coin to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Binance coin

Scan the QR code or copy the address below into your wallet to send some Binance coin

Scan to Donate Zcash to t1cBCyKgSSqWaNrkpvQZUSTuxMmAbbAyFpZ

Please help us if you can with some Zcash

Scan the QR code or copy the address below into your wallet to send some Zcash



Source link

Review Overview

Summary