The use of the Ethereum network soared
Reasons to be optimistic about the price of Ethereum are increasing day by day; In-chain metrics indicate the increase in the use of this network. All these things add to the demand for Ether.
According to Valx and quoted by BeinCrypto, with the improvement of the digital currency market, the activity rate in the Ethereum network is increasing. Several indices, including the ERC20 Token Transfer Index, have been steadily rising recently.
According to Etherscan browser data, the number of daily token transfers has risen above 1 million again. This rate has doubled in the last six months.
Also, the amount of use of the network has increased in terms of the number of addresses involved. The PrimeXBT service reported a new record – 92.5 million addresses – last weekend. The number of unique network addresses reached 221 million. This index has grown by 10% in the last six months.
In addition, the number of daily transactions on the Ethereum network has remained constant at the level of 1 million. This shows that the amount of network activity along with the price has not decreased during the last three months.
The number of approved smart contracts (on the EtraScan website) has increased by 140% daily compared to the same time last year. According to Etherscan, currently, around 600 new smart contracts are approved on Ethereum every day.
On the other hand, data from the website Ultrasound Money shows that the supply of new Ether is currently minus 0.04% per year. This means that the current rate of Ether token burning is higher than its supply, and if this rate continues, 0.04% of the Ethereum supply will be out of circulation by the end of the year. Since the beginning of this year, 9,200 ethers have been subtracted from the total supply of 120.5 million ethers, which is approximately worth $15 million.
The price of Ethereum increased by 2.6% in the last 24 hours and was traded at the price of $1,638 in the early hours of January 30.
Ethereum reached the price of $1,658 a few hours ago, which is the highest price of this asset in the last 12 weeks. Ethereum faces resistance at these price levels. This currency was last traded at these prices in October last year. If this resistance is broken, Ethereum’s next target will be the $1,800 range, and if the fuel for the current upward trend runs out, Ethereum price may return to the $1,350 support level.
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