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

Manoj Nair



Ethereum (ETH)

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

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