ETH holds $3.6K as Ethereum daily transactions near ATH
Ethereum was negotiated at $ 3,658 at the time of the press, posting a gain of 2.2% in the last 24 hours, because chain metrics show an increase in the transaction activity.
Summary
- Ethereum is negotiated at $ 3,658, up 2.2% per day, but down 4.7% during the week.
- Ethereum daily transactions reached 1.87 m on August 6, approaching record heights.
- Technical indicators show neutral momentum, with prices consolidating between $ 3,450 and $ 3,920.
The price remains 30% higher than a month ago, even if it slipped 4.7% in last week. While buyers and sellers balance, the current weekly fork from $ 3,380 to $ 3,874 represents a lateral movement period.
Meanwhile, there are indications that market activity slows down. The daily negotiation volume dropped from 15.6% to $ 22.2 billion, while the volume of derivatives is down more than 20% to 77.2 billion dollars, depending data. A slight decrease in open interest indicates that there are fewer positions active on the market.
Network activity is climbing at the request of Stablecoin
Ethereum (Ethn) The use of the network increases sharply. Daily transactions reached 1.87 million on August 6, on the basis of Etherscan dataApproaching the 1.96 million summit recorded in January 2024. The increase marks an overthrow of the trend seen last year, when Ethereum lost ground against faster and cheaper chains like Solana (GROUND).
Stablecoin activity, mainly attached (USDT) and a USD part (USDC), stimulates a large part of the growth of transactions in the context of growing optimism with regard to the American legislative environment. Chain use has increased and market confidence is restored thanks to the recent pass GENIUS ACT, which clarifies the regulations for the stablescoins supported in dollars.
In parallel, request Institutional investors continues to grow. As reported by Nate Geraci, President of Novadius Wealth, Treasury D’Eth relaxation companies and the United States FNB Spot have accumulated 1.6% of the total supply of ETH since early June, for a combined share of 3.2%.
Strategic ETH reserve data shows that 64 companies now hold 3.03 million ETH, worth around 11.8 billion dollars, the net assets of the ETF and the ETS, on the other hand, have on the other hand reached $ 20.61 billion.
Ethereum technical analysis
Ethereum shows a neutral impulse. The price ranges a little less than the simple movable average from 20 days to $ 3,685. The relative force index is 58 years old, neither overbound nor occurring. Most oscillators, including stochastic, the basic product channels and macD channels, indicate a balanced configuration.
The displaced averages remain favorable. ETH is negotiated over its exponential and single-day mobiles of 10 days. The impressive oscillator and momentum both have a certain force, but not enough to support a clear trend in both directions.
The price can move Around $ 3,920 if it exceeds $ 3,685. Support at $ 3,450 is still crucial when falling. For the moment, the ETH seems to consolidate while the underlying demand continues to grow.
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