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Ethereum’s on-chain metrics show anomalous activity

The Ethereum network recorded a significant number of anomalies as the crypto market prepared for the Fed’s release of GDP information, the most important event.

Data from Santiment Indicated The gradual decline in blockspace competition means that market participants haven’t felt FOMO lately.

Between the fall in Ethereum prices and the sudden surge in address activity we picked up a few hours ago, there was a notable anomaly when traders were preparing for Fed and GDP information to come out. There are quite a few. Read about MakerDAO debt repayment etc. at ETH

This is in order Average price Indicates that the trader is not participating in the hype. They expect ETH prices to fall further in anticipation of the FOMC meeting. Ethereum prices are expected to continue to fluctuate.

A few days ago, Tokenview also reported: Ethereum average gas price On the same day, the record low of 9.12 Gwie. He added that ETH gas prices have also fallen for four consecutive days.

Ethereum’s on-chain metrics show anomalous activity 3

Next, sentiment Active address Count saw one of the biggest spikes on Ethereum yesterday, which was unusual on this scale. “This may be some kind of large-scale airdrop farming operation,” the report added.

flat Supply on the exchange It also showed a sharp spike, equivalent to 0.5% of the total supply, or about 500 kETH added to the replacement wallet.

“People seem to be leaving their positions, whether because of falling prices or anticipating negative data releases,” Santiment concluded.

Ethereum is showing price increases

Meanwhile, the Federal Reserve is widely expected to rise another three-quarters points on Wednesday, which could surprise the market by hearing more mercilessly about policy tightening, according to a CNBC article.

The Federal Reserve Board will begin on 26 July and the second quarter GDP will be announced on 28 July.

Investors expect the central bank to raise interest rates by another 75 basis points.

Nonetheless, crypto investors are aiming for another roller coaster this week. At the time of writing this post ETH Is trading at $ 1470 and has risen by more than 6% in the last 24 hours.



https://www.tronweekly.com/ethereum-on-chain-metrics/ Ethereum’s on-chain metrics show anomalous activity

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