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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Active Addresses Reach ATH, Here’s What Happened Last Time

Keshav Verma
Keshav Verma
2 years ago
2 mins read

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On-chain data shows the number of active Ethereum addresses has recently spiked up to a new all-time high. Here’s what happened in the past when the metric reached such high values.

Ethereum Active Addresses Surge To A New All-Time High

As pointed out by an analyst in a CryptoQuant post, a signal that has usually been bearish for the price of the crypto has gone off recently.

The “active addresses” is an indicator that measures the total number of Ethereum wallet addresses that showed some movement on any given day. The metric takes into account both senders and receivers.

When the value of this metric goes up, it means an increasing number of addresses are displaying some activity right now. Especially large values can be a sign of high activity from retail investors.

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On the other hand, low values of the indicator suggest not too many Ethereum wallets are making moves at the moment.

Now, here is a chart that shows the trend in the ETH active addresses over the last few years:

Ethereum Active Addresses

The value of the metric seems to have been pretty high in recent days | Source: CryptoQuant

In the above graph, the quant from the post has marked the relevant points of trend for the Ethereum active addresses.

It looks like whenever the indicator has risen above the “575k active addresses” level, the crypto’s price has registered a local top.

The metric has just recently observed a very sharp spike and set in a new ATH. The last all-time high occurred back in the 2017 bull run and coincided with the rally’s top.

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If the past trend is anything to consider, then the latest surge to values never seen before may prove to be bearish for the coin this time as well.

Normally, one would think a large amount of addresses should instead be bullish as it shows high investor activity. However, the analyst believes it to not be the case.

The metric’s value gives hints about what kind of investors are active in the market right now. According to the quant, the latest surge could be coming from investors who are FOMO’ing into the crypto after learning about the merge and the recent upwards momentum that Ethereum has enjoyed.

ETH Price

At the time of writing, Ethereum’s price floats around $1.6k, up 14% in the last seven days. Over the past month, the crypto has gained 51% in value.

Below is a chart that shows the trend in the price of the coin over the last five days.

Ethereum Price Chart

Looks like the value of the crypto has slid down over the last couple of days | Source: ETHUSD on TradingView
Featured image from Choong Deng Xiang on Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

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

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