{"id":599345,"date":"2024-03-23T20:00:24","date_gmt":"2024-03-23T20:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=599345"},"modified":"2024-03-23T15:18:43","modified_gmt":"2024-03-23T15:18:43","slug":"ethereum-sees-notable-rise-in-daily-activity-but-why-is-price-down","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-sees-notable-rise-in-daily-activity-but-why-is-price-down\/","title":{"rendered":"Ethereum Sees Notable Rise In Daily Activity, But Why Is Price Down?"},"content":{"rendered":"

Ethereum’s network has seen notable growth recently in both daily active users and daily transaction volume, yet the price of ETH, Ethereum’s native cryptocurrency, has <\/span>undergone corrections<\/span><\/a> in the past few days. Notably, Ethereum is down by over 10% in the past seven days, <\/span>underperforming Bitcoin<\/span><\/a> and the S&P 500. <\/span><\/p>\n

While <\/span>this decline<\/span><\/a> can be felt through the majority of large cryptocurrencies in the industry, the number of daily active Ethereum addresses has been steadily rising over the past month.\u00a0<\/span><\/p>\n

Related Reading: BONK Bonked: Price Crashes 30% In 7 Days \u2013 More Pain Ahead?<\/a><\/div>\n

Ethereum’s Network Activity Surges But Price Remains Stagnant<\/b><\/h2>\n

An increase in network activity is usually a bullish sign for the price of cryptocurrencies as more activity means more demand. Interestingly, the number of daily active Ethereum addresses has increased by over 46% since January 3.\u00a0<\/span><\/p>\n

This increase in active addresses largely came with a surge in price over the past few months. Ethereum shot up from $2,909 on February 24 to reach a two-year high of over $4,000 on March 12, representing a surge of over 39%. According to <\/span>data from YCharts<\/span><\/a>, the number of daily active addresses increased simultaneously from 432,647 to 515,145 during the same time frame.\u00a0<\/span><\/p>\n

However, Ethereum has <\/span>been on a price decline<\/span><\/a> since its brief cross over $4,000 and is currently down by 17% in the past 10 days. On the other hand, the network has witnessed a continued surge in activity in terms of on-chain data, with the number of daily active addresses now at 618407 in the past 24 hours, its highest point since October 2023.\u00a0<\/span><\/p>\n

According to data from IntoTheBlock, ETH’s daily average volume has been steadily growing in a similar manner to the one recorded in 2020’s early bull market. This growth has now pushed the amount of ETH transferred on Ethereum to its highest level since May 2022 this week.<\/span><\/p>\n

<\/p>\n

Ethereum is now trading at $3,420. Chart: TradingView<\/a><\/pre>\n
Can Ethereum Resume Its Uptrend?<\/b><\/h2>\n
At the time of writing, Ethereum is trading at $3,355. The price of any cryptocurrency, including ETH, depends heavily on market sentiment and speculation. While growing adoption and network activity are positive signs for long-term price growth, speculation is what really drives the price, at least in the short term. <\/span><\/p>\n
At the same time, its price remains under pressure from several areas. One of such pressures is a recent report that <\/span>the SEC is poking around<\/span><\/a> Ethereum and the Ethereum Foundation and is looking to classify <\/span>ETH as a security<\/span><\/a>.\u00a0<\/span><\/p>\n
As the second-largest cryptocurrency, ETH’s classification as a security <\/span>could cause chaos<\/span><\/a> that would eventually cascade into other crypto assets.<\/span><\/p>\n
Related Reading: Halving Sparks XRP Frenzy: Analyst Predicts 100% Surge Against Bitcoin<\/a><\/div>\n
E<\/span>thereum seems to have now formed a minor support at the $3,280 price level. Failure to hold above this price point <\/span>could mean<\/span><\/a> a further move to the downside.<\/span><\/p>\n
Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Ethereum’s network has seen notable growth recently in both daily active users and daily transaction volume, yet the price of ETH, Ethereum’s native cryptocurrency, has undergone corrections in the past few days. Notably, Ethereum is down by over 10% in the past seven days, underperforming Bitcoin and the S&P 500. While this decline can be felt through the majority of large cryptocurrencies in the industry, the number of daily active Ethereum addresses has been steadily rising over the past month.\u00a0 Related Reading: BONK Bonked: Price Crashes 30% In 7 Days \u2013 More Pain Ahead? Ethereum’s Network Activity Surges But Price Remains Stagnant An increase in network activity is usually a bullish sign for the price of cryptocurrencies as more activity means more demand. Interestingly, the number of daily active Ethereum addresses has increased by over 46% since January 3.\u00a0 This increase in active addresses largely came with a surge in price over the past few months. Ethereum shot up from $2,909 on February 24 to reach a two-year high of over $4,000 on March 12, representing a surge of over 39%. According to data from YCharts, the number of daily active addresses increased simultaneously from 432,647 to 515,145 during the same time frame.\u00a0 However, Ethereum has been on a price decline since its brief cross over $4,000 and is currently down by 17% in the past 10 days. On the other hand, the network has witnessed a continued surge in activity in terms of on-chain data, with the number of daily active addresses now at 618407 in the past 24 hours, its highest point since October 2023.\u00a0 According to data from IntoTheBlock, ETH’s daily average volume has been steadily growing in a similar manner to the one recorded in 2020’s early bull market. This growth has now pushed the amount of ETH transferred on Ethereum to its highest level since May 2022 this week. Ethereum is now trading at $3,420. Chart: TradingView Can Ethereum Resume Its Uptrend? At the time of writing, Ethereum is trading at $3,355. The price of any cryptocurrency, including ETH, depends heavily on market sentiment and speculation. While growing adoption and network activity are positive signs for long-term price growth, speculation is what really drives the price, at least in the short term. At the same time, its price remains under pressure from several areas. One of such pressures is a recent report that the SEC is poking around Ethereum and the Ethereum Foundation and is looking to classify ETH as a security.\u00a0 As the second-largest cryptocurrency, ETH’s classification as a security could cause chaos that would eventually cascade into other crypto assets. Related Reading: Halving Sparks XRP Frenzy: Analyst Predicts 100% Surge Against Bitcoin Ethereum seems to have now formed a minor support at the $3,280 price level. Failure to hold above this price point could mean a further move to the downside. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":594,"featured_media":599349,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[1020,8323,1946,84827,3505],"class_list":["post-599345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-blockchain","tag-eth","tag-ethereum","tag-network-activity","tag-price-analysis"],"acf":[],"yoast_head":"\nEthereum Sees Rise In Daily Activity, But Why Is Price Down?<\/title>\n<meta name=\"description\" content=\"Ethereum's network has seen notable growth recently in both daily active users and daily transaction volume, yet the price of ETH, Ethereum's native\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Sees Notable Rise In Daily Activity, But Why Is Price Down?","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-sees-notable-rise-in-daily-activity-but-why-is-price-down\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-sees-notable-rise-in-daily-activity-but-why-is-price-down\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/a_6e9648.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/a_6e9648.jpg?fit=5184%2C3408"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["blockchain","eth","ethereum","network activity","price analysis"],"dateCreated":"2024-03-23T20:00:24Z","datePublished":"2024-03-23T20:00:24Z","dateModified":"2024-03-23T20:00:24Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Sees Notable Rise In Daily Activity, But Why Is Price Down?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-sees-notable-rise-in-daily-activity-but-why-is-price-down\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-sees-notable-rise-in-daily-activity-but-why-is-price-down\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/a_6e9648.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/a_6e9648.jpg?fit=5184%2C3408\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"blockchain\",\"eth\",\"ethereum\",\"network activity\",\"price analysis\"],\"dateCreated\":\"2024-03-23T20:00:24Z\",\"datePublished\":\"2024-03-23T20:00:24Z\",\"dateModified\":\"2024-03-23T20:00:24Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/a_6e9648.jpg?fit=5184%2C3408","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/599345"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=599345"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/599345\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/599349"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=599345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=599345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=599345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}