Ethereum (ETH) network activity increased has been sharply increasing. But will this also have a positive effect on the ETH price?
The Ethereum price is on the verge of a bullish breakout, with chances of a bullish trend reversal. To do this, ETH must pass the important Fibonacci resistance between $2,400 and $2,600.
The Overwhelming Majority of Ethereum Addresses Are in Profit
Over 76% of Ethereum addresses are in the money at the current price of around $2,200. Only 22.5% of ETH addresses are out of the money, whereas around 1.17% of addresses are at the break-even point.
In the money means the addresses are at a profit. Whereas, out of the money means they have an unrealized loss.
Ethereum Network Activity is Surging
Ethereum network activity has increased significantly in the last seven days. The number of new addresses in the ETH network has increased by around 17.5%.
The number of active addresses has even increased by around 23%, while Ethereum addresses without ETH balances have even increased in number by around 74%.
Read more: How to Buy Ethereum (ETH) and Everything You Need to Know
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Author: Harsh Notariya
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