Ethereum Daily Transactions Just Hit Its Highest Level Since January 2024, Will Price Follow?
Summary
Ethereum's daily transactions have surged to over 1.7 million, marking the highest level in 16 months. This increase follows a rise in Ethereum's price above $2,400, with daily transactions climbing nearly 50% from 1.2 million to 1.729 million within a week. Daily active addresses also rose by almost 50%, from 345,406 to 593,637 addresses. Despite this uptick in on-chain participation, sell volume has outpaced buy volume, with $90 million in sell transactions compared to $78.15 million in buys within a 24-hour period. There were over 74,000 sell transactions versus 52,000 buy transactions, indicating a stronger selling pressure that may hinder price recovery and keep Ethereum's price suppressed amid market uncertainty.
