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The Ethereum ecosystem has hit a new all-time high of 15.4 million in weekly active addresses. What does this mean for ETH?
Ethereum network has seen a 62.7% surge in network activity over the past 7 days, suggesting heightened market participation. According to on-chain data, the ecosystem has hit 15.4 million active addresses as its layer 2 solutions signal dominance. With layer 2s showing a 6.65 times higher usage, Ethereum’s scalability could be on the process.
What does this mean for ETH?
Ethereum has surged 2.93% with a 12.86% increase in trading volume over the past 24 hours. In the past 7 days, ETH has gained nearly 7% in price uptrend signalling renewed investor interest. The long-short ratio stands at 1.0268 per Coinglass data, as of press time.
The King of altcoins is currently fluctuating around $1821, per CoinMarketCap. With a spike in Open Interest (OI) funding rate in the past 24 hours, Ethereum could be eyeing a breakout above $ 2000 in the next few days.
