Things may be looking up for Ethereum (CRYPTO: ETH) with numerous on-chain data parameters painting a bullish picture for the coin.
What Happened: Data shared by blockchain analytics firm Glassnode shows that today Ethereum blockchain's seven-day average block size reached a new all-time high, indicating a high level of activity on the network. Furthermore, the total value stored in the Ethereum 2.0 deposit contract also just reached a new all-time high of 12,777,045 ETH — for a current total value of $2,242,4226,018, showing a significant level of trust in the protocol despite the mechanic being one-way.
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Furthermore, Glassnode's data also indicates addresses holding at least 0.01 ETH, as well as those holding at least 1 ETH and those holding more than zero all reached a new all-time high today. This further goes to show that despite recent market turmoil, Ethereum adoption and market interest have kept growing over time. This belief is further cemented by addresses holding more than 100 ETH (worth about $174,000 as of press time) also reaching an 18-month high, illustrating large holders are investing again.
An additional stabilizing force is the seven-day moving average of the number of addresses currently in loss reached an all-time high of nearly 35.3 million addresses — which makes it unlikely for profit-taking to exert a significant selling pressure anytime soon. It must be always kept in mind that Bitcoin (CRYPTO: BTC) tends to dictate the direction of the overall crypto market and Bitcoin being in a bad mood often brings down altcoins with positive fundamentals with it.
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