centiment According to the data provided by Ethereum (ETH) active addresses fell to the lowest level in the last four months.
Active Address Count on Ethereum (ETH) Shows a Declining Tendency
This is the second largest blockchain Proof of Stake It took place a little over a month after its transition to the consensus algorithm. The situation in question shows that the transition, which has been eagerly awaited, has not yet come to fruition.
Less than 400,000 addresses were registered on the Ethereum network on Monday. This showed the lowest level seen since June 26.
At the end of July, there was a large increase in Ethereum active addresses, but this increase was not related to the usage criteria.
😲 #Ethereum‘s active addresses have sunk to 4-month lows with weak hands continuing to drop post-#merge, and disinterest at a high as prices have stagnated. Monday was the first day that there were less than 400k addresses on the network since June 26th. https://t.co/FKXHhg6Z5g pic.twitter.com/1Ekj3bpT0A
— Santiment (@santimentfeed) October 20, 2022
In his tweet, Santiment’s active addresses fell to 4-month lows as prices stagnated and indifference increased after Merge. Santiment noted on Monday that it was the first day since June 26 that there were fewer than 400,000 addresses on the network.
As it is known, ETH abandoned the Proof of Work consensus mechanism in early September and switched to the more environmentally friendly Proof of Stake consensus mechanism.
Although most people expected an increase in the price of ETH after this event, in reality this was not the case.
After the Merge event, which took place in the middle of the decline in the general cryptocurrency market, there was a selling pressure on ETH as some of the locked ETH assets were also sold by investors. In addition, according to the psychology of “buy when you hear the news, sell when it happens”, it was observed that there was a sale after the update.
At this stage, $ 1200 is an important support for ETH, while the resistance point that will allow the rises to start again is seen as the $ 1350 levels.
It is not investment advice.
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