Let's take a look at the X-ray of Ethereum via On-Chain 👇
Chain data can tell more than you think.
Based on the current price, 89% of those holding ETH in their wallets are in profit.
The total volume of transactions worth over $100K on the Ethereum network in the last 7 days exceeded $57 billion. The amount of ETH burned in the last 30 days reached 156 thousand Ethereum.
When we examine it volumetrically, we see that 3476 and 3371 are important supports in the short term.
On the other hand, 3586 and 3691 are again important resistances in the short term, especially if the second level is exceeded, there is a strong possibility of testing the 4000s.
We see that the number of active addresses in Ethereum, which dropped to 440K, is approaching 600K again, quite positive (?).
When examining the number of active addresses, it is necessary to pay attention to how many of these addresses are new addresses and how many are zero balance addresses. When we review it since January 1, 2024:
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1 January 2024 - 27 March 2024
New address: 84K - 127K
Zero Balance: 117K - 61K
✅Result
As a result, the increase in new addresses among the increasing number of addresses in Ethereum and the decrease in addresses without money in their safes are very positive data.
When we examine all the data, we witness that chain data (in the case of Ethereum) draws a more consistent scheme in our minds. By blending such data with fundamental and technical data, we can make healthier investment decisions.
Thank you for reading 🙏
