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Home»Altcoins»The daily active Ethereum address has dropped from 382k to 312k
Altcoins

The daily active Ethereum address has dropped from 382k to 312k

2024-10-02No Comments3 Mins Read
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  • ETH is down 6.18% in 24 hours.
  • Daily active Ethereum addresses have fallen 18.32% from 382,000 to 312,000 YTD.

Ethereum [ETH] has seen a sharp decline in the past week. During this period, ETH has fallen by 5.46%. In fact, at the time of writing, Ethereum was trading at $2,480. This represented a decline of 6.18% over the past day.

Previously, ETH was on a rising trajectory with an increase of 1.57% on the monthly charts. However, since reaching a high of $2729, the altcoin has failed to maintain any upward momentum. So the recent losses almost outweigh the monthly gains.

The recent losses on price charts are not isolated as the altcoin has also fallen in other aspects, especially on active addresses.

Daily active Ethereum addresses are decreasing

According to Cryptoquantjust like Bitcoin [BTC]Ethereum has experienced a continued decline in the number of active addresses throughout the year.

Source: Cryptoquant

Based on this data, Ethereum’s daily active addresses have fallen from a high of 382k to 312k.

The analysts cited the lack of new investors as the main cause of the decline. So while liquidity has increased in 2024 following the adoption of Ethereum ETFs, on-chain activity does not reflect this.

The expected rally after the Fed’s interest rate cuts also did not materialize. This market failure means that no new addresses have come onto the market.

Implications for ETH price charts

In particular, a decrease in the number of daily active addresses, as indicated above, usually leads to price decreases.

However, despite the decline in the number of active addresses, current market conditions could spur Ethereum to make a significant recovery on the price charts.

Source: Santiment

For example, Ethereum’s funding rate, aggregated by exchange rate, has seen a sustained increase over the past week and is still positive. This indicates rising demand for long positions as investors expect further gains.

See also  XRP vs ETH: does Ethereum lose its 'top altcoin' status next bull cycle?

The fact that investors are maintaining long positions despite the price drop indicates confidence in the market.

Source: Coinglass

This demand for long positions is further supported by a positive open interest-weighted financing rate.

Source: IntoTheBlock

Furthermore, outflows from large Ethereum holders have fallen from a high of 311.95k to a low of 139.39k. This indicates that large investors are still accumulating their assets and maintaining their positions despite the market downturn.

Such holding behavior indicates confidence in the future of the altcoin.


Read Ethereum’s [ETH] Price forecast 2024–2025


Therefore, despite the decline in the number of active addresses, ETH has shown strength on the price charts. This implies that the market generally has a positive sentiment.

As such, ETH could rally and regain the next significant resistance level at $2668. However, if the current decline continues, ETH will find support at $2728.

Next: Uniswap: Mixed signals emerge as UNI remains steady at $7 – What’s next?

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312k 382k Active Address Daily dropped Ethereum
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