Although ethereumIts price is currently witnessing a declining step, the pioneering altcoin is still clinging to a higher level of $ 4100. In the midst of this volatile procedure for prices, activities on the ETH network flourish sharply, as evidenced by a noticeable increase in transactions.
A sharp boom in ETHEREUM daily transactions
Ethereum price It builds the force behind a potential upward step, as well as network performance. In the past few days, the network has witnessed a strong return, as daily transactions reach levels that you have not seen for many years.
Darkfost, market expert and author, I mentioned This sharp rise in activity on the series, which confirms the return of the investor’s interest, increased demand for decentralized applications, and the use of Blockchain on a broader scale across industries. It also indicates an increasing sense of confidence in the susceptibility of expansion and value in the long term of the ecological system.
According to the expert, ETH flourishes, and Decentralized financing (Defi) It now grows quickly, as the network finds itself naturally in the center of this ecosystem. As a result, the number of transactions on the network is increasing and has recently exploded from a four -year range.
It should be noted Daily Ethereum transactions During the previous four years, it was between 900,000 and 1.2 million, using SMA for 14 days to reduce noise. When ETH has seen a great deal of FUD during the last recession in late March, the daily average was already about 1.2 million transactions.
Interestingly, this level was much higher than the number noted in January 2023, when the network barely reached one million transport per day. However, the number of daily transactions reaches between 1.6 million and 1.7 million Ethereum network.
Darkfost noted that Ethereum’s height in transactions has a real relationship with its price. Meanwhile, the expert indicates the importance of monitoring this data because this is where the truth is, which has benefited from those who used the data.
ETH financing rates in a declining direction
recently, Investors feelings It appears that the decline has turned with the transfer rates to a negative area. This shift in feelings coincides with ETH pledges for a gathering, indicating the momentum of cooling between merchants who have been called and asking questions about the current upward trend.
Recall open Ethereum financing rates remained negative throughout the past week, which is similar to previous occasions. However, the market expert claims that the downward trend has stopped, and the upward trend has appeared.
This development alludes to capabilities The bottom in the price of ETH. According to the expert, it is common for the bottoms to coincide with the times when investors are afraid and are betting either on additional declines or payment of premiums to protect themselves.
The current data from CoinmarketCap shows that the ETH price has decreased to 4,127 dollars, indicating a decrease of approximately 2 % in the past 24 hours. While its price has decreased slightly, its trading volume is also witnessing a huge step, as it decreased by more than 8 % last day.
Distinctive image from Getty Images, Chart from TradingView.com
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