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Portuguesa 📊 Hidden bullish signal: Ethereum network activity hits all-time high
A rare fundamental phenomenon has been observed in the Ethereum ecosystem: record divergence between the market price of the asset and the actual usage indicators of the network. This was noticed by an analyst from the CryptoQuant platform under the pseudonym CryptoOnchain.
While ETH quotes are showing a correction, the number of active addresses in the blockchain continues to grow steadily. The 100-day moving average of this indicator has reached a historical peak 587,000 unique participants.
🔍 Why this is important?
Historically, the growth in the number of active addresses has correlated with an increase in the price of the asset: more users, more demand, rising quotes. The current situation rare exception from this regularity.
The influx of new users and the demand for the blockchain indicate that Ethereum is undervalued. Actual network usage is accelerating, despite bearish market sentiment, comments CryptoOnchain.
🎯 What's behind the activity growth?
Fundamental drivers of the current surge:
✅ Development of the L2 ecosystem: arbitrage, optimism, and other second-level solutions attract new users;
✅ Growth of DeFi and staking: increase in volumes in liquidity pools and participation in network validation;
✅ Institutional interest: launch of spot ether ETFs and corporate integrations;
✅ Tokenization of RWA: transferring real assets into digital form based on Ethereum.
✅ Growth of DeFi and staking: increase in volumes in liquidity pools and participation in network validation;
✅ Institutional interest: launch of spot ether ETFs and corporate integrations;
✅ Tokenization of RWA: transferring real assets into digital form based on Ethereum.
📈 Hidden bullish signal: what to expect next?
The analyst classifies the current divergence as hidden bullish signal:
🔹 Medium-term scenario: the price of the asset may return to growth following positive fundamental data;
🔹 Long-term potential: acceleration of actual network usage strengthens the value of ether as a technological asset;
🔹 Risk factor: if the price continues to decline with increasing activity, this could create conditions for a strong rebound when sentiment changes.
🔹 Long-term potential: acceleration of actual network usage strengthens the value of ether as a technological asset;
🔹 Risk factor: if the price continues to decline with increasing activity, this could create conditions for a strong rebound when sentiment changes.
⚠️ Current context
At the time of publication Ethereum is trading at ~$2,320, losing 0.5% in the last 24 hours. However, on-chain metrics indicate: the network's fundamentals are strengthening, even if the market has not yet appreciated it.
