The largest altcoin and the second-largest cryptocurrency, Ethereum climbed up the price chart. It registered a 6% hike over the last 24 hours. At the time of this analysis, ETH stood at the $2,677 mark as per CoinMarketCap.
That said, the flagship coin still had a long way to go to cover its previous ATH. Even so, the latest developments regarding the “merger” have kept investor sentiment high. Indeed, they weren’t fazed by ETH’s slow price trajectory.
Still so hot
According to on-chain metrics firm Santiment, ETH active addresses divergence remained in the bullish divergence area despite the decrease in prices. The tweet read,
“The utility of ETH has remained flat for the past 4 months, despite a price decline of -35% during this period. With the number of unique addresses interacting on the $ETH network remaining flat, there is a #bullish discrepancy between DAA and price.
Notably, the graph below showcased the possibility of a price uptrend.
Moreover, the number of wallets actively using the network does not seem to be decreasing. According to data from Bitinfocharts, the number of unique active Ethereum addresses has remained consistently around the 500,000 mark. It has not capitulated to the lows seen in the summer of 2021.
Large Ethereum Hodlers (whales) played a vital part to maintain sanity amidst the geographical chaos. Here’s the latest shopping spree,
According to IntotheBlock, 66% of HODLers made significant profits or rather stayed “in the money”. Ergo, enjoying gains over those who shorted their positions early on.
In demand
Here’s another instance to prove that interest in the world’s largest smart contract network wasn’t waning.
On March 15, ConsenSys announced that it had closed a $450 million Series D funding round, bringing its valuation to over $7 billion. The funding round was led by ParaFi Capital and included a number of the usual crypto business and tech giants.
According to the announcement, the investment was converted into ETH to “rebalance the ratio of ETH to USD-equivalents in line with ConsenSys’ treasury strategy.” This conversion proved that investors preferred Ethereum despite its consolidation phase under the $3k mark. Something, that’s been the case for quite a while now.
