There's been more activity on Ethereum's (ETH) network and in the legal sphere lately. In the midst of these changes, interest in Ethereum's valuation is growing as the decentralized finance (DeFi) asset struggles to overcome significant resistance levels.


Recent events indicate that the network has seen an increase in active addresses, following information given by crypto expert Ali Martinez in a June 22 article on X.


According to the data, Ethereum experienced a three-month high of 617,170 active ETH addresses, which was a record high. This surge in activity points to growing interest in and usage of the Ethereum blockchain, which may have an impact on the price trajectory of the cryptocurrency. 


 

Ethereum active daily addresses chart. Source: Santiment/ali_charts

The rise in active addresses may indicate increased confidence in the platform and network utilization. Given that bigger transaction volumes and greater utility can be indicated by increasing activity, historically, price rallies have frequently coincided with such surges in active addresses.

Ethereum is seeing a surge in other measures in addition to the number of active addresses. Data from the cryptocurrency analytics portal CryptoQuant indicates that the Market Value to Realized Value (MVRV) indicator for Ethereum is increasing more quickly than the MVRV for Bitcoin (BTC).


The market capitalization to realized capitalization ratio of a digital asset is known as its MVRV. It's employed to determine if the token is overpriced or undervalued.

Ethereum price prediction 

The surge in user activity corresponds with a time when Ethereum is mainly quiet, which is consistent with the general mood of the cryptocurrency market. In this vein, Ethereum's short-term price prediction has been made available by CoinCodex, a platform that makes use of AI-driven machine learning algorithms.

Data taken from the platform on June 23 indicates that by July 1, 2024, ETH will probably trade at $3,552. The estimate indicates a 1.6% little increase in pricing.

Ethereum price prediction. Source: CoinCodex

Ethereum is still a hot topic following the Securities and Exchange Commission's (SEC) decision to end its "Ethereum 2.0" inquiry into ConsenSys. ConsenSys claims that the enforcement branch of the SEC informed the blockchain startup that it was concluding its inquiry into Ethereum 2.0. "Would not bring charges alleging that sales of ETH are securities transactions," the SEC declared.

Ethereum price analysis

Ethereum's value was $3,497 at the time of publication, with very slight gains of roughly 0.05% over the previous day. Ethereum's weekly chart shows a 2.5 percent decline.


Ethereum seven-day price chart. Source: Finbold

Overall, regulatory news has had a major negative impact on Ethereum's price throughout the last seven days. $3,495 is the important support level to keep an eye on, and $3,550 is the big resistance. Ethereum may try to break beyond $3,550 if it can stay above $3,495; a failure to hold $3,495 could result in more losses.

Disclaimer: Nothing on this website should be construed as investment advice. Investing is a risky endeavor. Investing involves a risk to your capital.

Tags

Post a Comment

Post a Comment

Previous Post Next Post