Analysis of the on-chain metrics of Ethereum showed similarities between January and the past two weeks- how much should we read into it?
rallied by 82% from 1st February to 12th March. Since then, it has retraced as low as $3056 before bouncing higher, trading at $3533 at press time. This resembled the consolidation phase in the second half of January.
Just before the ETH price slump, the trading volume peaked to levels not seen in over six months. The daily active addresses also shot upward, nearly reaching September 2023’s highs. The trading volume, on the other hand, slumped drastically. This was quite similar to what happened over the past three weeks. In March, the daily active addresses made new highs even after prices plunged to the $3100 mark.
The transaction volume of the past week was low, but otherwise, the metrics closely mirrored what happened in the latter half of January.
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