In recent times, the markets have shown varied expectations towards Ethereum. The value of the second most valuable cryptocurrency asset dropped to $1,701 today. This decrease comes on the heels of an encouraging rebound of the asset that began on July 18 and was put up against the bears. Despite the dip in price, a new bullish measure for ETH has emerged: the number of daily active addresses has surged beyond 600 thousand for the first time since May. This is a significant milestone.
In June, the number of daily ETH addresses did not exceed 500,000 at any point.
The number of daily active addresses that are capable of conducting transactions utilizing ETH increased to 607k on July 25, according to a graphic that was made available by the investment research platform YCharts. Since that date, the number of these addresses has stayed essentially unchanged. When compared to the amount of 475k that was reported on July 24, this value represents a 23.87 percent rise.
The daily active addresses indicator represents the average number of distinct addresses that are used for receiving and sending transactions on the Ethereum network over the course of a day. Historically, the indicator has been linked to changes in price; it tends to rise when the price of an asset is either experiencing a rally or preparing for one, and it tends to decline when prices fail to move in the desired direction.
During the previous month, the daily active addresses had remained at a level that was quite low despite the fact that the markets had felt the chilliest effect of the Crypto Winter. On June 5, the number of daily dynamic addresses dropped to 392,000 before rebounding to 428k the following day. Due to the fact that it had not changed, the number in June never reached 500,000.
At the beginning of July, the measure increased to 514k as an optimistic outlook dominated the cryptocurrency markets. This outlook was impacted by recovering assets, which caused the markets to be bullish overall. In spite of the marginal price reduction, there has been an increase in the number of active addresses, which is especially notable now that we are getting closer to the Merge
The outlooks for ETH can be broken down into both good and negative categories.
In recent times, reactions to ETH prices have been negative, positive, and negative, positive, and negative, following the most recent downward drop. The value of -22.6 for the ETH Fund Premium suggests that investors in ETH-related funds and trusts have a weak buying sentiment. This is indicated by the fact that the premium has been negative.
Despite the fact that the value of the ETH Fear and Greed Index has decreased to 40 from the value of 49 that was observed yesterday, this is still an improvement over the value of 26 that was recorded one month ago. According to the findings of the ETH Coinbase Premium Index, US institutional investors appear to be exerting a relatively substantial amount of buying pressure. v