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Ethereum Recapturing $1,800 Followed by Highest Network Activity in 2022, Here Are Details

Tue, 08/09/2022 - 10:29
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Gamza Khanzadaev
Ethereum touches $1,800 again, which means 104% return from June's bottom
Ethereum Recapturing $1,800 Followed by Highest Network Activity in 2022, Here Are Details
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Yesterday's close on the crypto market was marked by major altcoin Ethereum reaching the $1,818 mark, a price crypto investors have not seen since early summer.

According to crypto analyst agency Santiment, Ethereum's systematic return to this historically important level was accompanied by an increase in the number of unique addresses interacting on the blockchain network. As can be seen on the graph, the number of addresses has only grown since the last week of June, until at one point it reached a record high for all of 2022 with 546,000 active addresses per day.

Ethereum seems to be taming a new wave of popularity, given the blockchain's status as a major newsmaker in recent weeks amid the impending transition to PoS consensus. Another on-chain analytics portal Glassnode reports that for the first time ever, open interest in ETH options exceeds open interest in BTC, and by more than $1.5 billion.

This phenomenon is attributed to traders' expectations of strong ETH growth ahead of the September transition.

Is inflation going to ruin sentiment again?

Nevertheless, despite a number of bullish signals, there are investors who still prefer to exit Ethereum as long as the sentiment around the coin is positive.

As one crypto trader noticed, there was a massive reduction in open long positions on ETH on Bitfinex, when on Aug. 8, a certain whale, in anticipation of tomorrow's inflation data, closed 230,000 ETH longs bought in early July at a price of $1,065. This is the first such reduction in longs since ETH was $4,500.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.