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ETH’s Price Hardly Moves as Number of Active Addresses Drops

Published 11/04/2022, 02:56 AM
Updated 11/04/2022, 03:00 AM
ETH’s Price Hardly Moves as Number of Active Addresses Drops

  • The number of active addresses for ETH has dropped to 27,908.964.
  • Daily trading volume for ETH has also dropped 46.09% over the last 24 hours.
  • ETH is currently trading at $1,552.15 after a 0.09% 24-hour drop.

Glassnode Alerts (@glassnodealerts) posted a tweet this morning regarding the falling number of active addresses for Ethereum (ETH).

ETH active addresses (Source: Glassnode)

According to the tweet, the number of active addresses for ETH (7d MA) just reached a 4-month low of 27,908.964. Together with the fall in the number of active addresses for ETH, its 24 hour trading volume has also dropped 46.09%. As a result, the total now stands at $13,015,147,610.

Despite this, the price of ETH has not moved a lot over the last day, according to CoinMarketCap, At press time, ETH is trading at $1,552.15 after a small 0.09% increase over the last 24 hours. ETH also remains 2.96% up for the week.

Daily chart for ETH/USDT (Source: CoinMarketCap)

The price of ETH is currently being held up by the 9 Exponential Moving Average (EMA) line. In addition, the 9 EMA is positioned bullishly above the 20 EMA line, which is a sign that ETH’s price may continue to rise over the coming days. This is further supported by the introduction of buy volume over the last 2 days.

ETH’s price will look to target $1,565 which is the closest resistance level. Should ETH’s price break this level, its next target will be $1,635.24, which has been a strong resistance level for ETH this past week.

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A failure to breach this level will inevitably result in a decline – continuing ETH’s consolidation period within the daily price channel between $1,504.77 and $1,636.94.

Disclaimer: The views and opinions as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post ETH’s Price Hardly Moves as Number of Active Addresses Drops appeared first on Coin Edition.

See original on CoinEdition

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