BlocksInform
Ethereum narratives continue to strengthen as on-chain metrics indicate increased usage and activity. All of these have a positive effect on asset demand and prices.
Activity in the chain continues to grow as crypto markets rebound. Several indicators, such as daily token transfers erc-20, have experienced steady growth over the last while.
According to Etherscan, the daily token transfer number topped 1 million again last week. It has also doubled in about the last six months.
It was also noted that network usage in terms of addresses has also surged. Primexbt registered a new record of 92.5 million addresses this weekend.
#Ethereum's price may be on the rise, but the real story is in the network's usage!
?? With a record 92.5 million addresses and active use on the rise. It's clear the @ethereum ecosystem is thriving despite the crypto winterpic.twitter.com/BorPy2LTKe
— PrimeXBT (@PrimeXBT) January 27, 2023
Event of the Ethereum Haut network.
Ethereum has also reached a historic peak of 221 million unique addresses. It's gone up about 10% in the last six months.
Furthermore, day-to-day transactions on the Ethereum network remained stable at approximately 1 million. This indicates that network usage and activity, as well as prices, have not decreased over the past three months.
The number of smart contracts audited daily on the grid has increased by approximately 140% since the same period last year. There are currently approximately 600 new contracts checked on ethereum daily, according to etherscan.
The increased activity of the networks and the optimism surrounding the fundamentals of Ethereum have stimulated the feeling. On Jan. 29, crypto YouTuber Lark Davis said that Ethereum has been fundamentally solid throughout the bear market, adding, “in summary, no one has enough ETH.”
#ethereum is deflationary, provides high yields, has no sell pressure from miners anymore, is 99% more energy efficient and has a thriving layer two scene as well as massive dev activity… all in a bear market.
In summary, no one has enough ETH.
— Lark Davis (@TheCryptoLark) January 28, 2023
According to Ultrasound.Money, Ethereum issuance is currently deflationary at -0.04% per year. This means that the supply of circulation ethes is decreasing at present. Year-to-date, the total supply of $120.5 million has declined by about $9,200, for a value of about $15 million.
Prices rose by 2.6% per day at press time. Therefore, assets were trading at $1,638 in early January. 30.
In addition, the ETH peaked at $1,658 just hours ago. He earned 36.7% in the last month, compared to less than $1,200 at the start of the year.
Ethereum is currently facing resistance at these levels, where it was last trading in late October 2022. A breakout movement could increase to the next level to approximately $1,800. However, if the crypto rally falters, EPF prices could drop to support levels around $1350.
