{"id":401621,"date":"2024-06-24T10:30:37","date_gmt":"2024-06-24T05:00:37","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=401621"},"modified":"2024-06-23T18:10:15","modified_gmt":"2024-06-23T12:40:15","slug":"ethereum-makes-efforts-to-stabilize-its-price-is-it-working","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-makes-efforts-to-stabilize-its-price-is-it-working\/","title":{"rendered":"Ethereum makes efforts to stabilize its price &#8211; is it working?"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Ethereum saw a record number of daily active addresses.<\/span><\/em><\/li>\n<li><em><span style=\"font-weight: 400;\">ETH&#8217;s support has continued to hold.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/ambcrypto.com\/category\/ethereum-news\/\" target=\"_blank\" rel=\"noopener\">Ethereum&#8217;s [ETH]<\/a> recent spike in a key on-chain metric is noteworthy, especially considering its recent price trends and its struggle to maintain levels above a critical support line.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> However, it&#8217;s interesting to note that despite this spike, other on-chain metrics have displayed typical patterns.<\/span><\/p>\n<h2><b>Ethereum sees more active addresses<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">AMBCrypto&#8217;s analysis of <a href=\"https:\/\/ambcrypto.com\/fight-isnt-over-despite-sec-closing-ethereum-2-0-probe-exec\/\" target=\"_blank\" rel=\"noopener\">Ethereum&#8217;s<\/a> Daily Active Addresses metric from <a href=\"https:\/\/app.santiment.net\/charts\/eUKk2bT1__sCl\" target=\"_blank\" rel=\"noopener\">Santiment<\/a> revealed recent consecutive spikes, indicating a significant increase in network activity.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> On the 21st of June, the number of daily active addresses reached over 617,000, marking the highest level since the 23rd of March.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> However, this record was surpassed the very next day, on the 22nd of June, setting another high point.\u00a0<\/span><\/p>\n<figure id=\"attachment_401663\" aria-describedby=\"caption-attachment-401663\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Ethereum-ETH-12.06.40-23-Jun-2024.png\"><img decoding=\"async\" class=\"size-full wp-image-401663\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Ethereum-ETH-12.06.40-23-Jun-2024.png\" alt=\"Ethereum active addresses\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Ethereum-ETH-12.06.40-23-Jun-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Ethereum-ETH-12.06.40-23-Jun-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Ethereum-ETH-12.06.40-23-Jun-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Ethereum-ETH-12.06.40-23-Jun-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Ethereum-ETH-12.06.40-23-Jun-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Ethereum-ETH-12.06.40-23-Jun-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Ethereum-ETH-12.06.40-23-Jun-2024-1200x406.png 1200w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-401663\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Ethereum&#8217;s Active Addresses indicated that by the close of trading on 22nd June, the number of daily active addresses exceeded 731,000.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> AMBCrypto then took a deeper look at the historical data, which revealed that the last occurrence of such high activity was around ten months ago. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In September 2023, the number of active addresses surged to over 1 million, marking the highest recorded level up to that point.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These spikes suggest a heightened level of engagement on the Ethereum network, which could be driven by various factors such as market movements, new developments in the ecosystem, or increased adoption. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, these spikes did not impact the volume.<\/span><\/p>\n<h2><b>What of Ethereum&#8217;s volume?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">AMBCrypto&#8217;s analysis of <a href=\"https:\/\/ambcrypto.com\/ethereum-etfs-vaneck-blackrock-file-their-s-1s-and-that-means\/\" target=\"_blank\" rel=\"noopener\">Ethereum&#8217;s<\/a> trading volume reveals an interesting contrast to the spikes in daily active addresses. Despite the increase in active addresses, trading volume declined.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By the end of trading on the 22nd of June, the volume stood at around $9 billion, which might initially seem substantial. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, when compared to the $15 billion recorded in the previous trading session, this represents a significant decrease.\u00a0<\/span><\/p>\n<figure id=\"attachment_401664\" aria-describedby=\"caption-attachment-401664\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Ethereum-ETH-12.06.33-23-Jun-2024.png\"><img decoding=\"async\" class=\"size-full wp-image-401664\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Ethereum-ETH-12.06.33-23-Jun-2024.png\" alt=\"Ethereum volume trend\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Ethereum-ETH-12.06.33-23-Jun-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Ethereum-ETH-12.06.33-23-Jun-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Ethereum-ETH-12.06.33-23-Jun-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Ethereum-ETH-12.06.33-23-Jun-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Ethereum-ETH-12.06.33-23-Jun-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Ethereum-ETH-12.06.33-23-Jun-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Ethereum-ETH-12.06.33-23-Jun-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-401664\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The discrepancy suggested that while more addresses were active, possibly indicating increased user interactions or transactions on the network, these did not translate into higher trading volumes. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This pointed to possibly smaller, less value-intensive transactions dominating the activity during the period.<\/span><\/p>\n<h2><b>ETH&#8217;s bear trend weakens<\/b><\/h2>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/ambcrypto.com\/ethereum-to-4k-spot-etf-approvals-have-analysts-thinking\/\" target=\"_blank\" rel=\"noopener\">Ethereum&#8217;s<\/a> price chart indicated that it was currently striving to maintain its support level. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">AMBCrypto&#8217;s review of the daily timeframe chart showed that although there has been a decline in its price over the last few days, the support level has effectively held at around $3,400.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of the latest data, Ethereum was trading at approximately $3,490, experiencing a slight decline. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This suggests tentative stability, as it manages to stay above the crucial $3,400 support level, which could be pivotal in determining its short-term price trajectory.<\/span><\/p>\n<figure id=\"attachment_401665\" aria-describedby=\"caption-attachment-401665\" style=\"width: 1793px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ETHUSD_2024-06-23_12-15-26.png\"><img decoding=\"async\" class=\"size-full wp-image-401665\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ETHUSD_2024-06-23_12-15-26.png\" alt=\"Ethereum price trend\" width=\"1793\" height=\"740\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ETHUSD_2024-06-23_12-15-26.png 1793w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ETHUSD_2024-06-23_12-15-26-300x124.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ETHUSD_2024-06-23_12-15-26-1024x423.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ETHUSD_2024-06-23_12-15-26-768x317.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ETHUSD_2024-06-23_12-15-26-1536x634.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ETHUSD_2024-06-23_12-15-26-1200x495.png 1200w\" sizes=\"(max-width: 1793px) 100vw, 1793px\" \/><\/a><figcaption id=\"caption-attachment-401665\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the <a href=\"https:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\">ETH Profit Calculator<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The analysis of Ethereum&#8217;s Moving Average Convergence Divergence (MACD) indicated that it was in a bearish trend at press time. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the behavior of the MACD lines suggested that this bearish trend was weakening. Should the price increase, this could diminish further, potentially signaling a reversal or at least a slowdown in downward momentum.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Daily Active Addresses on the Ethereum network have spiked to a 10-month high.\u00a0<\/p>\n","protected":false},"author":76,"featured_media":401668,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[6427],"class_list":["post-401621","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ethereum makes efforts to stabilize its price - is it working? 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