ETH Exchange Address Activity Reached a New High Recently

Santiment, the blockchain analytics firm, published a tweet relating to a new milestone for Ethereum (ETH) this morning. According to the post, the number of exchange addresses interacting on the network is now at its highest level since November of last year. In addition, ETH is showing signs that it may break $2K soon, according to the firm.

This tweet follows Santiment’s post yesterday, which showed that the number of active deposits on Ethereum reached an 8-month high. In addition, Santiment had predicted that there would be an increase in ETH’s volatility as a result.

At press time, the price of ETH stood at $1,939.38 following a 2.20% increase according to CoinMarketCap. This 24-hour gain had also flipped the altcoin leaders weekly performance into the green. As a result, ETH’s weekly price performance stood at +2.03%..

The daily trading volume for the crypto had also surged over the past 24 hours. At press time, ETH’s daily trading volume stood at $10,396,326,975, which was an incredible 53.38% increase. Furthermore, ETH was able to outperform the market leader Bitcoin (BTC) by 1.51% during the same time period.

Daily chart for ETH/USDT (Source: TradingView)

ETH’s price was able to break above the key resistance level at $1,960, where it continued to trade at press time. Today is a crucial day for the crypto as a close above this level will ultimately result in ETH breaking $2K in the following 24-48 hours.

The recent bullish cross between the 9-day and 20-day EMA lines supports this bullish thesis. On the other hand, failure to close above $1,960 today will result in ETH’s price dropping to $1,800 in the next 24-48 hours.

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