- After a volatile start to the week, the world’s second-largest cryptocurrency, Ethereum (ETH), is once again trading above $1,620.
- On-chain data provider Santiment reports a notable event on the Ethereum network, with 1,089,893 unique wallets participating in sending or receiving ETH.
- Lately, ETH has experienced minimal intraday fluctuations, with significant changes typically occurring only around Tuesdays.
On-chain data provider Santiment has shared that unique wallets on the Ethereum network have seen a significant increase. Is this a crucial turning point for ETH?
Increase in Ethereum Addresses Draws Attention
After a volatile start to the week, the world’s second-largest cryptocurrency, Ethereum (ETH), is once again trading above $1,620. Furthermore, Ethereum is showing healthy on-chain activity.
On-chain data provider Santiment reports a notable event on the Ethereum network, with 1,089,893 unique wallets participating in sending or receiving ETH. This figure is the second-highest in the asset’s history of over eight years. This unusual event could serve as a surrender signal needed to initiate a price recovery.
Looking upwards, $1,633 is a significant threshold marked by the 100-day Exponential Moving Average (EMA), while the 50-day EMA at $1,613 provides short-term support.
A firm move beyond these moving averages could confirm a move towards $1,800. Conversely, a violation in either direction could trigger a new selling spree, potentially pushing ETH’s price below $1,600 and possibly finding a pause around $1,531.
A Look at Ethereum (ETH) Options Data
Approximately 56,000 ETH options are set to expire soon, with a Put-Call Ratio of 1.09, a maximum pain point at $1,650, and a value of $250 million, according to Greeks Live data.
Recently, ETH has seen minimal intraday fluctuations, with significant changes typically occurring only around Tuesdays. Market movements have concentrated on one or two days of the week, with overall market activity remaining relatively calm. There hasn’t been any significant news affecting the market, especially since Token2049.
Interestingly, there has been a significant increase in ETH Put positions, resulting in a gradual shift towards zero gamma. Large-scale investors continue to bet on maintaining low volatility, but trading activity has slowed down somewhat this week.
The future performance of Ethereum will need to be observed. ETH’s price has remained volatile around the $1,600 levels.
