- Ethereum whales accumulate, signaling confidence and reducing potential sell pressure.
- Layer 2 solutions impact new addresses but boost Ethereum’s ecosystem demand.
- Daily transactions rise modestly, hinting at growing activity yet below bull market peaks.
Despite Bitcoin’s dominance in the current rally, Ethereum is also displaying strong potential for a significant price surge, according to on-chain data.
As per IntoTheBlock data, Ethereum has historically shown strong price performance following Bitcoin rallies, benefiting from profit rotations. However, several key on-chain metrics offer mixed signals, adding complexity to Ethereum’s outlook.
On-Chain Activity Shows Mixed Signals for Ethereum
Ethereum’s on-chain data highlights interesting trends. Daily transactions on the network have risen slightly, now averaging 1.22 million compared to 1.1 million three months ago.
This increase signals growing activity, though it remains modest compared to past bull markets. Transaction volumes are steadily climbing, reflecting growing interest from institutions and large holders.
Whale activity stands out as a bullish indicator. Large holders have…
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