- In a plot twist worthy of a soap opera, the number of active Ethereum addresses has spiked like a cat on a hot tin roof.
- This sudden surge seems to be linked to U.S. investors diving in like they’ve just discovered a sale on chocolate.
As of the latest gossip from the ether, Ethereum appears to be picking up speed, much like a tortoise on a caffeine high. It’s still early days, mind you, with the altcoin managing a modest 1.2% gain, trading at a princely $2,712. To really get the party started, ETH needs to shake off a 15.81% hangover from its recent escapades.
But fear not, dear reader! There are glimmers of hope shining through the fog of uncertainty. A delightful cocktail of market metrics suggests that the world’s largest altcoin might just be gearing up for a jaunt into the green pastures of profit.
Buying action could be linked to U.S investors
In a stunning turn of events, the number of active addresses on the Ethereum network has skyrocketed to 376,653 in the last 24 hours alone. This remarkable rebound has reversed the downward spiral that began on the 10th of February, when active addresses were as high as 431,000. Talk about a comeback!
Now, active addresses are like the number of people who show up to a party: they indicate interest but don’t necessarily mean the party is a hit. To really gauge the mood, one must look at other key indicators, such as transfer volume, which is like checking if the punch bowl is still full.
In the last 24 hours, transfer volume has climbed by a staggering 120.53% from its previous low. According to the wise sages at CryptoQuant, approximately 1.73 million ETH was transferred, up from a low of 1.68 million on the 13th of February. It’s like watching a game of musical chairs, but with more digital currency and fewer chairs.
AMBCrypto has unearthed that this buying frenzy could be linked to our friends across the pond, the U.S. investors. The Coinbase Premium Index, which tracks the trading antics of U.S. retail investors compared to the broader market, has also decided to join the party with its own uptrend.
In the derivatives market, the ratio of buying volume to selling volume has remained as high as a kite on a windy day.
The Taker Buy-Sell Ratio, which measures the relative strength of buyers versus sellers, usually hints at bullish sentiment when above 1 and bearish sentiment when below. At the time of writing, the ratio stood at a promising 1.07, suggesting that the buying activity may continue to climb like a cat up a tree.
Sellers still loom
Now, before we pop the champagne, let’s not forget that while the market may be leaning bullish, the Fund Market Premium (a fancy term for measuring buying or selling pressure) is flashing some rather bearish signs.
When the fund market rate drops below 0 and trends south, it’s like a warning sign that some sellers are still lurking about, ready to rain on the parade. At press time, the rate stood at -0.9, indicating that some sellers remain active across the market, like uninvited guests at a wedding.
If this metric decides to shift gears, Ethereum [ETH] could find itself on a clear path to rally, free from the shackles of selling pressure. And wouldn’t that be a sight to behold?
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2025-02-14 18:40