ETH’s Price Hardly Moves as Number of Active Addresses Drops

Glassnode Alerts (@glassnodealerts) posted a tweet this morning regarding the falling number of active addresses for Ethereum (ETH).

ETH active addresses (Source: Glassnode)

According to the tweet, the number of active addresses for ETH (7d MA) just reached a 4-month low of 27,908.964. Together with the fall in the number of active addresses for ETH, its 24 hour trading volume has also dropped 46.09%. As a result, the total now stands at $13,015,147,610.

Despite this, the price of ETH has not moved a lot over the last day, according to CoinMarketCap, At press time, ETH is trading at $1,552.15 after a small 0.09% increase over the last 24 hours. ETH also remains 2.96% up for the week.

Daily chart for ETH/USDT (Source: CoinMarketCap)

The price of ETH is currently being held up by the 9 Exponential Moving Average (EMA) line. In addition, the 9 EMA is positioned bullishly above the 20 EMA line, which is a sign that ETH’s price may continue to rise over the coming days. This is further supported by the introduction of buy volume over the last 2 days.

ETH’s price will look to target $1,565 which is the closest resistance level. Should ETH’s price break this level, its next target will be $1,635.24, which has been a strong resistance level for ETH this past week.

A failure to breach this level will inevitably result in a decline – continuing ETH’s consolidation period within the daily price channel between $1,504.77 and $1,636.94.

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