ETH gas fees are perpetually very low and regardless of price increase. However there is still a large volume of Ethereum FOMO. There has been a fall in Ethereum (ETH) total circulating capacity and it has affected the transaction fees. Another bout of uncertainty and momentum can change the situation. Despite a surge in ETH prices average ETH transaction dropped below $1.
Ethereum FOMO In The Offing? Active Addresses Surging
There has been a steep rise in number of active addresses holding Ethereum and as per CryptoQuant communities the metric of the active addresses is on record high. Analysis of past trends further reveals that a local top is forming and just around the corner. If the active address hits a spike above 575K level a local top is always formed.
The high number of active address can be read as a pathway to bullish sentiments in the near future. However experts also opine that the forthcoming merge could be fueling the spike in active address. It could be also read as a huge amount of retail investors are in anticipation of the merge and seeing that ETH rose with 100% from bottom to top.”
ETH prices suffered a mild hiccup on Tuesday and retraced its steps to excess of $16,000 level. At press time Ethereum price is trading at $1,668, up 1.07% in the last 24 hours and up around 20% compared to last week.
ETH Active Addresses Soaring In Spite Of Price Fall
The ETH investor community is in high spirits despite the price fall in the last few days and it needs to be seen if the positive sentiments will propel ETH price back to recent highs remains to be seen. Only last week ETH prices surged and went as high as $1,770 compared with $1,668 currently. Santiment updates reveal that there is an increase in active addresses for Ethereum despite the price decline.