- ETH is down more than 2% in the last 24 hours.
- Buying pressure on Ethereum was high and whale activity increased.
Ethereum [ETH] once again proved that it is the king of the altcoins as it surpassed the rest. Considering the most recent data, ETH has been the leader in recent volatility and intraday average price changes among top-tier capital assets. Does this indicate a soon price increase?
Ethereum is at the top
According to IntoTheBlock’s data, the Ethereum ecosystem remained very active in terms of price and other related aspects, outperforming the rest. This could possibly indicate a price increase in the coming days.
According to CoinMarketCap, the price of ETH has increased by more than 12% in the past 30 days.
#Ethereum is leading in recent volatility and average intraday price changes among top tier capital goods.@intotheblock data has been simplified and indicates that the #eth ecosystem is highly active. A price increase would not be a surprise.#crypto #bitcoin #Market #currency #BBB24 pic.twitter.com/O1pLDxgiNw
β πβ€πβπΌ (@lord_zyre) January 19, 2024
Although ETH’s activity on the price front remained high, AMBCrypto planned to monitor its network activity.
An analysis of Artemis’ facts clearly showed that both Ethereum’s daily active addresses and daily number of transactions remained relatively high over the past 30 days.
Source: Artemis
Not only that, but things on the captured value front looked promising as well. This seemed to be the case ETH‘s compensation received an upward boost.
In addition to the upswing, blockchain revenues also followed a similar upward trend. However, a negative flag was the decline in TVL.
Source: Artemis
Will the price of ETH rise further?
Although ETH’s value rose by double digits last month and network activity remained high, the daily chart turned red. The king of the altcoins has fallen by more than 2% in the past 24 hours.
At the time of writing, ETH was trade at $2,477.74 with a market cap of over $297 billion.
To see how investors reacted to this, we checked Santiment’s data. Our analysis showed that investors were putting buying pressure on the token. This was evident from the fact that the supply of Ethereum on exchanges decreased, while the supply outside the exchanges increased.
Moreover, whales also had confidence in it ETH because the supply of top addresses increased last week.
Source: Santiment
Read Ethereums [ETH] Price prediction 2024-25
Given the high ecosystem activity and buying pressure, the possibility of a price increase in the coming days cannot be ruled out. Therefore, AMBCrypto next looked at ETH’s liquidation heatmap to see the upcoming resistance levels.
Our analysis showed that ETH would face strong resistance around $2,600. If it were to manage to climb above that level, it would again encounter resistance between $2,770 and $2,800.
Source: Hyblock Capital