Ethereum On-Chain Metrics Surge Amid Price Decline

Ethereum's On-Chain Metrics Reach New Heights

Recent analysis reveals significant growth in Ethereum's on-chain metrics. The blockchain intelligence firm Glassnode reported that the number of non-zero addresses for Ethereum (ETH) has reached an all-time high of 97,917,018. This metric indicates increasing participation and interest in ETH, as more wallets are actively holding the cryptocurrency.

Additionally, the Mean Gas Usage for Ethereum has climbed to a 1-month high of 109,653.064, reflecting heightened activity on the network. These metrics underscore Ethereum's ongoing relevance and usage in the blockchain ecosystem.

Ethereum's Price Movement and Market Performance

Despite the surge in on-chain activity, Ethereum's price has experienced a downturn. Over the past 24 hours, ETH's price decreased by 1.75%, mirroring a broader negative trend across altcoins. Over the last week, Ethereum's value has dropped by more than 12%, with its current trading price at approximately $1,840.46.

Technical Analysis and Market Indicators

Ethereum managed to outperform Bitcoin slightly with a 0.34% gain. However, the altcoin's price fluctuated, reaching a daily high of $1,888.19 before settling near its 24-hour low of $1,831.16.

Technical indicators suggest potential bearish trends. A significant bearish flag may trigger on Ethereum's daily chart, as the 9-day EMA approaches a crossover below the 20-day EMA. If confirmed, ETH's price might fall to around $1,780 in the coming days. Additionally, the daily RSI is trending bearish, positioned below the RSI SMA line and moving towards the oversold territory.

Investors should exercise caution and conduct thorough research before making decisions, as these technical signals point to potential further declines in Ethereum's price.