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According to data from the network analytics company Santiment, Ethereum is currently seeing the highest level of activity in the last 17 months. "Daily Active Addresses" is an indicator that measures the total number of Ethereum addresses that were used as a sender or recipient during the day.
When the value of this metric is high, it means that traders are active on the network right now. On the other hand, low values indicate that investors showed little activity during the past day.
The chart below shows the dynamics of daily active Ethereum addresses over the past few years
As you can see from the graph, daily active Ethereum addresses have increased dramatically over the past week or so. During this period of increased activity, an average of 637,000 ETH addresses participated in the coin movement every day. The last time the network recorded such activity was back in May last year, when the bullish growth of the ETH exchange rate, in the first half of 2021, reached its peak around $ 4,300.
Usually high daily active addresses mean that investors are interested in trading ETH at the moment. Thus, it is quite natural that profit-taking opportunities, such as the peak in May 2021, cause huge bursts of activity as a large number of holders move their coins for sale.
While it is true that such activity can be bearish for the asset rate in this way, it is also a fact that any rally requires a large number of traders to be sustained. Ethereum has been growing over the past few days, while the number of active addresses has been very high, which suggests that there are a lot of interested buyers on the market now. This may be a sign that unlike the rally earlier in this bear market, which has not seen any activity at such levels, the latest rate rise may have sufficient support.
