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HomeNewsEthereum (ETH) Sees Another Bull Favoring Element As On-Chain Analytics Indicate Increased...

Ethereum (ETH) Sees Another Bull Favoring Element As On-Chain Analytics Indicate Increased Blockchain Activity

On-chain data from Glassnode shows increased blockchain activity as seen in the rise in ETH addresses involved in more than one ETH transfer.

Ethereum is at the moment trading at $240 after been caught within a bout of sideways trading within the mid-$240 regions, just like Bitcoin, it has failed to post any decisive trend offering little or no clarity into its near-term trend. Although BTC price activity may be useful to decide where Ethereum trends next, however, analysts believe ETH bulls show underlying strength capable of determining its trend.

Rafael Schultze-Kraft of Glassnode, recently indicated that the figures of new daily Ethereum addresses who carry out more than one ETH transaction have grown sporadically since January hitting highs last recorded in 2018.

Chart by Rafael Schultze-Kraft (@n3ocortex on Twitter), Chief Technical Officer of Glassnode, Showing Increased Use of the ETH Blockchain

Image Credit: Glassnode, Shutterstock

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