Is Ethereum (ETH) Price Inching Closer Towards A 15% Correction This Week?

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The crypto town’s perimeter continues to be ruled by the legacy coins namely Bitcoin and Ethereum. Which have slipped down on the charts, following a healthy leg-up from the quagmire. While Bitcoin sits well above its psychological barrier, the star altcoin dropping below its psychological barrier at $3,000. Has been a growing concern for Ethereum savvies and altcoiners in general.

Successively, crypto folks have set up their radar on the ins and outs of the second-largest crypto-asset Ethereum. Analysts are now keen on the on-chain metrics of Ethereum for a better understanding of the current foot-steps of the star altcoin. 

Is This Where Ethereum Is Heading?

As aforesaid, crypto folks are now keen on the on-chain metrics of Ethereum, for a better understanding of its current foot-steps. Ethereum’s price action has been historically correlated with its active address count. Which does not seem to decouple anytime soon as there has been no indicative signals. Which hints at a similar and forecastable trajectory.

According to Glassnode alerts, the daily on-chain net flow of Ethereum has grown +214.9 M. In addition, the amount of ETH supply last active 3y-5y (1D MA) has reached a 1-month low of 19,945,071.978 ETH. The number of non-zero addresses has reached an ATH of 74,967,77. While the number of exchange deposits (7D MA) reached a 1-month high of 658.381. 

Successively, the number of exchange withdrawals (7D MA) has reached a 216-month low of 945.917. The previous 16-month low of 946.179 was recorded on the 16th of November 2020.

While, the stressed statistics portray positive signals for the second-largest crypto asset. Certain metrics do exhibit the need for the network’s upgrade to ETH 2.0.

Consecutively, the difficulty in mining at press time stands at 12,720.48 TH, while the hash rate is at 997,818.69 GH/s. According to sources, the miner revenue reached a 6-month low of $1,928,266.16. Whereas, the Ethereum percent miner revenue from fees (7D MA) has reached a 1-month low of 38.805%. On the contrary, the total value in ETH 2.0 deposit contracts has reached an ATH of 9,402,914 ETH. Which had very recently surpassed the milestone of 9,000,000 ETH.

Summing up, Ethereum maximalists are optimistic of the on-chain metrics to turn bullish with the merger to ETH 2.0. Which has been the need of the hour, with each passing day. However, the firm interests of investors triumph’s over rivals, despite the limitations. The recent initiative by KPMG has fueled optimism amongst the fraternity. Initiatives like which would continue to persuade masses to the network.