These On-Chain Benchmarks Hint That Ethereum(ETH) Rally Is Going To Stay

The number two cryptocurrency in the world, Ethereum (ETH), has been under selling pressure and hovering at the $1,200 level. However, the ETH prices have started a recovery process and surged to $1,354.73.

Suppose on-chain indicators are to be considered a hint toward positive developments in network activity forEthereum(ETH). The number two crypto asset could surge to even more glory in the coming days.  

Ason-chain data provider Santiment reports that new addresses are being created at the rate of 70K daily. It is the highest number that has been seen since August. In mid-September, the Merge software update started, and there was a lot of uncertainty. The supply of Ethereum(ETH) once again dropped back to 14.6%.

Just ahead of the Merge Upgrade, Ethereum (ETH) was moving steadily and touching $2,000. After the June lows, the ETH values rallied and recovered almost 80% of their past values.

Ethereum(ETH) conducted the most significant software upgrade. This Merge upgrade transformed Ethereum(ETH) from an energy-intensive proof-of-work methodology to a proof-of-stake method and saved 99% of energy requirements. However, the Merge upgrade was dubbed a ‘sell-the-news’ move. As the U.S. equity markets came under intense selling pressure, ETH and the broader crypto market faced a similar fate. Since the Merge upgrade, selling pressure has been dominant, and the number two crypto asset has been into price correction to almost 25%.

Ethereum(ETH) Can Have A Higher Chance Of Bounce

When reports last came in, Ethereum was changing hands at $1,355.83. In the last 24 hours, it surged by 2.61%. It witnessed a 24 hrs low of $1,320.98 and a high of $ 1,380.40. Ethereum Market Cap stood at $ $166,341,684,054 up 2.61% and Ethereum 24H Volume stood at $11,927,052,197 up by 30.02% as per data received from coinmarketcap.com