Ethereum Could Reach New Heights As On-Chain Metrics Rise

On-chain data suggests Ethereum network activity indicators have risen, which might lead to a surge.

Recent Ethereum Transaction Volume and Whale Transfer Count Have Increased

Santiment data shows Ethereum's two activity-related indicators have increased. The metrics are Transaction Volume and Whale Transaction Count.

The first, “Transaction Volume,” tracks the total amount of cryptocurrency (in USD) that ETH users are moving across the network with their transactions.

This measure indicates that the ETH blockchain is transferring many coins when it is high. Such a tendency implies investors trade assets aggressively.

However, the low indication suggests minimal cryptocurrency demand since holders are only transferring a small quantity of ETH.

This graphic illustrates Ethereum Transaction Volume during the previous several months:

According to the graph above, Ethereum Transaction Volume has surged sharply, indicating greater interest in the asset along with the price appreciation.

This might be good for the coin, since rallies demand more network activity.

Sometimes price changes start fast, but Transaction Volume doesn't grow. Such movements usually failed.

Also relevant is the “Whale Transaction Count.” The figure has the data. This indicator tracks ETH transactions above $100,000.

This magnitude of transactions is considered to come from whale entities, hence the Whale Transaction Count shows big-money investor activity.

The graph shows that this indicator has also surged for Ethereum lately, indicating that the recent volume growth isn't simply from tiny investors but also from massive hands.

Since investors see all transactions as the same, these indicators cannot tell them whether they are buying or selling. Since ETH has rallied lately, this behavior is likely accumulation.

#EthereumRally #cryptomarketcapATH #AltCoinRush $ETH