Ethereum’s daily active address count is flashing a major warning sign for ETH
BTC $9093 (-0.1%) • ETH $226 (-0.3%) • XRP $0.17 (+0.0%)
|CryptoSlate||Jul 3|| 2|
Ethereum’s price action over the past several weeks has proven to be highly disappointing for investors, as it has been underperforming both Bitcoin and many of its other peers despite it seeing unprecedented fundamental strength.
Many analysts are now debating whether or not the decentralized finance sector – which has been driving the cryptocurrency’s fundamental strength – will ultimately allow ETH to accrue any value.
One indicator of the cryptocurrency’s underlying strength is now beginning to flash a major warning sign, potentially signaling that ETH has formed a long-term top.
If confirmed, a peak in the number of Ethereum daily active addresses could cause the token’s price to plunge significantly in the coming weeks.
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There’s been a lot of money made in Ethereum’s decentralized finance (DeFi) sector over recent weeks.
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Bitcoin, and the cryptocurrency market, has largely traded in a tight price band since an initial rise in early-2020. Fund managers have taken note and are actively considering BTC as a hedge against global markets.
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