Ethereum activity doubles with influx of new users: Glassnode

💡 DMK Insight

Ethereum’s user engagement is skyrocketing, and here’s why that matters: With 8 million active addresses and 2.8 million daily transactions, ETH is clearly gaining traction, driven by the increasing use of stablecoins. This surge in activity could indicate a broader trend towards decentralized finance (DeFi) applications, which often rely on Ethereum’s network. For traders, this uptick may signal a bullish sentiment, especially if ETH can maintain or build on these levels. Keep an eye on the $3,300 resistance; a breakout could lead to further upside, while a failure to hold above this level might trigger profit-taking. But don’t overlook the potential for volatility. As more addresses engage, we could see increased speculation, which might lead to sharp price swings. Also, watch how this activity impacts gas fees—higher usage could mean higher costs for transactions, potentially deterring some users. If you’re trading ETH, monitor the daily chart for signs of consolidation or breakout patterns, and be ready for quick moves. The next few days will be crucial to see if this momentum can be sustained.