{"id":403083,"date":"2024-06-30T03:30:38","date_gmt":"2024-06-29T22:00:38","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=403083"},"modified":"2024-06-29T13:41:36","modified_gmt":"2024-06-29T08:11:36","slug":"is-ethereums-price-under-pressure-a-look-at-on-chain-data-suggests","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/is-ethereums-price-under-pressure-a-look-at-on-chain-data-suggests\/","title":{"rendered":"Is Ethereum&#8217;s price under pressure? A look at on-chain data suggests&#8230;"},"content":{"rendered":"<ul>\n<li><em>The number of addresses on the network has been falling for the last seven days<\/em><\/li>\n<li><em>ETH supply on exchanges fell, reducing the potential of a sell-off<\/em><\/li>\n<\/ul>\n<p>Though Spot <a href=\"https:\/\/ambcrypto.com\/category\/ethereum-news\/\" target=\"_blank\" rel=\"noopener\">Ethereum [ETH]<\/a> ETFs would begin active trading in a few days, activity on the blockchain&#8217;s network has been discouraging. AMBCrypto found that out after evaluating the project&#8217;s network activity.<\/p>\n<p>At press time, we observed that Ethereum&#8217;s active, new, and zero-balance addresses had dropped. By definition, new addresses refer to unique users making their first successful transaction on the network.<\/p>\n<h2>Activity falls, but there is a catch<\/h2>\n<p>This metric acts as a measure of <a href=\"https:\/\/app.intotheblock.com\/coin\/ETH\/deep-dive?group=network&amp;chart=addressStats\" target=\"_blank\" rel=\"noopener\">traction<\/a> or adoption. On the other hand, active addresses track the number of users participating in transactions. When this metric rises, it means an increase in the level of user engagement and growth.<\/p>\n<p>However, at the time of writing, active addresses had fallen by 15.45%. in the last seven days. New addresses were not spared either with a 6.50% decline.<\/p>\n<figure id=\"attachment_403086\" aria-describedby=\"caption-attachment-403086\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-network-activity.png\"><img decoding=\"async\" class=\"wp-image-403086 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-network-activity.png\" alt=\"Addresses on Ethereum;s network drop\" width=\"1200\" height=\"800\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-network-activity.png 1200w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-network-activity-300x200.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-network-activity-1024x683.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-network-activity-768x512.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><figcaption id=\"caption-attachment-403086\" class=\"wp-caption-text\">Source: IntoTheBlock<\/figcaption><\/figure>\n<p>This development comes as a surprise considering how close the <a href=\"https:\/\/ambcrypto.com\/ethereum-etf-revenue-could-cross-15-billion-by-2025-bitwise-exec\/\" target=\"_blank\" rel=\"noopener\">projected ETF launch<\/a> is. If this decline lingers, the price of ETH could be affected. This, because a drop in Ethereum&#8217;s network activity could mean less demand for the cryptocurrency.<\/p>\n<p>According to CoinMarketCap, ETH&#8217;s price was $3,379 at the time of writing. This represented a depreciation of 3.35% within the last week.<\/p>\n<p>Another indicator AMBCrypto examined was the Exchange Supply Ratio. This is the ratio of coins reserved in exchanges, relative to the total ETH supply.<\/p>\n<p>When it hikes, it means that the number of coins sitting on exchanges is moving up. A potential consequence of this is a rise in selling pressure which could later on lead a price fall.<\/p>\n<p>However, at press time, the ratio seemed to be falling, according to <a href=\"https:\/\/cryptoquant.com\/asset\/eth\/chart\/flow-indicator\/exchange-supply-ratio?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line\" target=\"_blank\" rel=\"noopener\">data from CryptoQuant<\/a>. This decline lowers the risk of a sell-off as holders seem to be comfortable locking their assets for safekeeping.<\/p>\n<figure id=\"attachment_403092\" aria-describedby=\"caption-attachment-403092\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-supply-ratio.png\"><img decoding=\"async\" class=\"wp-image-403092 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-supply-ratio.png\" alt=\"ETH on exchanges fall\" width=\"2560\" height=\"1440\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-supply-ratio.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-supply-ratio-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-supply-ratio-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-supply-ratio-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-supply-ratio-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-supply-ratio-2048x1152.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-supply-ratio-1200x675.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-403092\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<h2>ETH traders are not confident<\/h2>\n<p>As funds move away from exchanges, the potential for a bull run rises. However, for this to affect ETH in a positive manner, buying pressure needs to rise.<\/p>\n<p>If this is the case, ETH&#8217;s price could climb towards $3,600 within the first few days of July. However, if the opposite happens, the value could <a href=\"https:\/\/ambcrypto.com\/ethereum-will-etfs-push-eth-to-4k-or-drag-it-down-to-2-4k\/\" target=\"_blank\" rel=\"noopener\">consolidate<\/a> between $3,200 and $3,400.<\/p>\n<p>Additionally, Ethereum&#8217;s Open Interest dropped from the value it had on 27 June. OI, which is its short form, refers to the value of open positions in the derivatives market.<\/p>\n<p>An increase in this metric implies that traders are involved in a lot of <a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&amp;category=&amp;m=derivatives.FuturesOpenInterestSum&amp;s=1719038570&amp;u=1719643370&amp;zoom=7\" target=\"_blank\" rel=\"noopener\">speculative activity<\/a>. On the contrary, when it falls, it means that traders are closing existing positions and taking money out of the market.<\/p>\n<p>With a value of $13.14 billion, ETH&#8217;s OI implied that participants are not refraining from opening positions to capitalize on movements from the price.<\/p>\n<figure id=\"attachment_403097\" aria-describedby=\"caption-attachment-403097\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-eth-open-interest.png\"><img decoding=\"async\" class=\"wp-image-403097 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-eth-open-interest.png\" alt=\"Ethereum speculative activity falls\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-eth-open-interest.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-eth-open-interest-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-eth-open-interest-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-eth-open-interest-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-eth-open-interest-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ethereum-eth-open-interest-1200x675.png 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-403097\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"https:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\" target=\"_blank\" rel=\"noopener\">Ethereum&#8217;s [ETH] Price Prediction<\/a> 2024-2025<\/p>\n<hr \/>\n<p>Should the value continue to fall, ETH&#8217;s price could also follow in the downward direction. However, this prediction might be <a href=\"https:\/\/ambcrypto.com\/is-ethereums-market-bottom-in-price-indicators-point-to-a-5k-target\/\" target=\"_blank\" rel=\"noopener\">invalidated<\/a> if open contracts increase and buying pressure in the spot market follows.<\/p>\n<p>If this is the case, ETH could begin a hike towards $4,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>User growth on the network is cooling off as indicators point to a conflicting position.<\/p>\n","protected":false},"author":72,"featured_media":403107,"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-403083","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 v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Is Ethereum&#039;s price under pressure? 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A look at on-chain data suggests..."},{"@type":"WebSite","@id":"https:\/\/ambcrypto.com\/#website","url":"https:\/\/ambcrypto.com\/","name":"AMBCrypto","description":"Stay Ahead!","publisher":{"@id":"https:\/\/ambcrypto.com\/#organization"},"alternateName":"AMBCrypto News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ambcrypto.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ambcrypto.com\/#organization","name":"AMBCrypto","alternateName":"AMBCrypto News","url":"https:\/\/ambcrypto.com\/","logo":{"@type":"ImageObject","@id":"https:\/\/ambcrypto.com\/#\/schema\/logo\/image\/","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/amb-wide.jpg","width":600,"height":60,"caption":"AMBCrypto"},"image":{"@id":"https:\/\/ambcrypto.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/cryptoamb","https:\/\/x.com\/CryptoAmb","https:\/\/www.linkedin.com\/company\/13629485\/"]},{"@type":"Person","@id":"https:\/\/ambcrypto.com\/#\/schema\/person\/adb85c1ce0574a1ee41039ff452315e5","name":"Victor Olanrewaju","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/IMG-9126-scaled-e1677641698928-150x150.jpg","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/IMG-9126-scaled-e1677641698928-150x150.jpg","contentUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/IMG-9126-scaled-e1677641698928-150x150.jpg","caption":"Victor Olanrewaju"},"description":"Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. 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