The world’s second-largest cryptocurrency Ethereum (ETH) has come under major pressure during the crypto market rout. Despite the success of the Ropsten testnet Merge upgrade, the ETH price has remained stable.
On the other hand, the on-chain address activity isn’t supporting to support a price surge. As per the data from Santiment, the Ethereum address activity and network growth have dropped to their two-year lows. Santiment reports:
As #Ethereum crept back above $1,800 once again a few minutes ago, we’re monitoring long-term fundamentals that would signal a turnaround for the #2 asset in #crypto. $ETH is still seeing very low levels of new addresses, the lowest in over 2 years.
Courtesy: Santiment On the other hand, there seems to be a fight between Ethereum non-exchange whales and exchange whales. However, the ETH non-exchange whales seem to be taking a marginal lead while holding three times the coins that with the exchange whales. Santiment reports:
Ethereum’s top 10 non-exchange vs. exchange addresses are maintaining a high ratio of $ETH owned over the top 10 non-exchange whales. With a tremendous 3.4x more coins held, there still appears to be a belief that prices can stabilize.
