This morning, Glassnode Alerts (@glassnodealerts) sent out a tweet about how the number of active Ethereum addresses is going down (ETH).
ETH addresses in use (Source: Glassnode)
The tweet says that the number of active ETH (7d MA) addresses just hit a 4-month low of 27,908,964. Along with the drop in the number of active ETH addresses, the amount of ETH traded in 24 hours has also gone down by 46.09%. Because of this, the total is now $13,015,147,610.
Even so, CoinMarketCap says that the price of ETH hasn’t changed much in the last day. At the time of this writing, the price of ETH is $1,552.15, which is a small increase of 0.09% over the last 24 hours. Also, ETH is still up 2.96% for the week.
Chart for ETH/USDT for each day (Source: CoinMarketCap)
The 9 Exponential Moving Average (EMA) line is currently keeping the price of ETH high. Also, the 9 EMA is above the 20 EMA line, which is a sign that the price of ETH may continue to rise in the days to come. This is backed up even more by the fact that buy volume over the last two days has been added.
The price of ETH will try to reach $1,565, which is the next level of resistance. If the price of ETH breaks through this level, it will aim for $1,635.24, which has been a strong resistance level for ETH over the past week.
Related: Top 500 Ethereum Whales Own $133,187,605 in SHIB.
If this level isn’t broken, ETH’s price will continue to stay between $1,504.77 and $1,636.94 on a daily basis, which is called a “price channel.”
Disclaimer: All of the information in this price analysis, as well as all of the views and opinions, are shared in good faith. The reader must do his or her own research and homework. If a reader does something, it is at their own risk. Coin Edition and its partners won’t be responsible for any damage or loss, direct or indirect.
The price of Ethereum doesn’t change much as the number of active addresses goes down.
