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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets

Ethereum’s On-Chain Metrics Continue to Plunge Despite 20% Bounce

Nick Chong
by Nick Chong
4 years ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
  • Ethereum has undergone a strong bounce since the lows seen in September.
  • As of this article’s writing, the coin trades for $372, around 20% above those lows.
  • The cryptocurrency is about the set a weekly close above the $365-370 resistance.
  • Despite this strong bounce in the price of Ethereum, on-chain metrics show that the blockchain is currently weakening.
  • Fortunately, the leading cryptocurrency has positive fundamental and technical trends that may result in growth in the future.

Ethereum On-Chain Metrics Are Weakening

Etheruem has undergone an extreme bounce since the lows seen in early September. Despite this, the blockchain’s on-chain trends are weakening.

Santiment, a leading blockchain analytics company, reported on October 11th that the number of daily active addresses on Ethereum is still in a “mild decline.” As can be seen, the metric has dropped by around 50% since topping during the rally in late July:

“$ETH’s daily active address metric is still revealing that there is still plenty to be desired since its peak in late July. There has been a decline in unique addresses interacting on the #Ethereum network, particularly since September 17th.”

Image

Chart of ETH's price action over the past few months with an daily active address overlay shared by Santiment, a blockchain analytics company.

It seems that this decline comes as many users have lost interest in certain aspects of the decentralized finance space.

Ethereum-based yield farming applications were fuel for an influx of users over the past few months. But with many turning out to be scams, unsustainable, or unprofitable for retail users, they may have stopped using them or are seeking opportunities on other blockchains.

Technical Trends Still Strong

Ethereum’s technical trends are strong despite the on-chain weakness.

Brave New Coin’s Josh Olszewicz recently noted that the Ichimoku Cloud on the weekly has flipped green, something that hasn’t been seen since late 2018. This suggests that the cryptocurrency is likely to perform “extremely well” throughout Q2 of 2021 and moving on from there:

“1W $ETH. Cloud green for the first time since late 2018 this bodes extremely well for Q2 2021.”

Image
Chart of ETH's price action over the past few years with analysis by crypto trader josh olszewicz (Carpenoctum on Twitter). Chart from TradingView.com

On a shorter-term basis, ETH is breaking above a falling wedge pattern, which is good for the bull case.

Photo by Ryan Clark on Unsplash
Price tags: ethusd, ethbtc
Charts from TradingView.com
Ethereum's On-Chain Metrics Continue to Plunge Despite 20% Bounce
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Nick Chong

Nick Chong

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I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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