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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Active Ethereum Addresses Touch 2020 Levels, Will Price Follow?

Best Owie
Best Owie
3 years ago
3 mins read
Ethereum

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Ethereum active addresses have continued to decline. This follows the market crash where the price of Ethereum had dropped to below $1,000 before staging another recovery. This decline has shown various implications for the digital asset and also points towards how investors could be feeling towards the digital asset.

Activity Falls To 2020 Lows

Data from the Block shows that the active addresses on the Ethereum network on a seven-day basis are down. These active addresses had hit a new all-time high back in June 2021 when the bull market had been in full bloom. The rise in active addresses was attributed to new investors moving into the digital asset due to the immense success it had seen so far at that point.

Related Reading | New Bitcoin Record Paints Incredibly Bearish Picture As BTC Struggles At $19,000

However, as the price of the digital asset had begun to suffer, active addresses had gone down with it. This came to a head in the middle of June 2022 when the crypto market had experienced arguably the worst market crash in its more than a decade of existence. Ethereum had quickly declined from around $1,800 where it had been trending and touched a low below $900.

Following this, there had been an uptick in the active addresses as investors scrambled to move their funds to avoid further losses. However, as sell-offs have died down, the number of active addresses has also taken a nosedive.

Ethereum active addresses

ETH active addresses decline | Source: The Block

Last week, it hit a new two-year low with 403.38k active addresses on Ethereum on a rolling 7-day basis. This had been in line with the number of new addresses on the network on the same rolling basis which had also fallen to December 2020 lows.

Ethereum In Response

With the new week just starting, the implications of the decline in active addresses are still yet to be seen. However, it does show what investors may be doing in regards to their holdings. One of these could show that there is now fatigue in the sell-offs that have rocked the market in recent times. As such, most investors are not moving their coins around in order to dump them.

Ethereum price chart from TradingView.com

If following historical movements, this could also mean that there is a recovery coming for the digital asset. Given that the last that the number of active addresses was this low, right before the 2021 bull run, a halt in sell-offs could definitely see the cryptocurrency retrace upward.

Related Reading | Leading Crypto Exchanges See Negative Funding Rates, Have The Bears Taken Over?

However, if a recovery is on the charts, it will be a hard-fought battle given the resistance that is building just above $1,200. If ETH is able to break this resistance, it will put it right above its 20-day moving average, providing the momentum needed to test $1,500 once more.

Featured image from Admiral Markets, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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