Ethereum’s price performance has proven to be better than Bitcoin’s over the last month. Despite the price drop, addresses continue to accumulate ETH.
ETH has outperformed BTC in terms of price movement over the last month.
Addresses continue to accumulate ETH, but interest in Ethereum NFTs declines.
Despite the interest shown by institutions in Bitcoin last month, Ethereum [ETH] was the cryptocurrency that gained significantly during this period compared to the king coin.
Blue Chip Blues
According to data from Santiment, Ethereum’s market price has risen 4.9% relative to Bitcoin over the past 30 days. This increase is attributed to a rebound in Ethereum network growth.
The surge in network growth indicates an increase in new users transferring ETH for the first time. This also means that new user interest in ETH is rising. This could help push ETH to new heights.
Another factor contributing to Ethereum’s price movement is the continued activity observed on the Ethereum network. Data from Santiment shows that daily active addresses on Ethereum have continued to grow steadily over the past month.
Furthermore, as July draws to a close, Ethereum is showing utility data that is more in line with data from May, when its price advantage over Bitcoin was evident.
As of press time, ETH is trading at $1833.3. ETH price fell 9.89% last week after testing the 2028.3 resistance level. ETH price has formed a bearish trend after testing this level with multiple lower lows and lower highs.
ETH price adjustment
Ethereum’s RSI is 30.54, indicating that sellers have good momentum at the time of writing. CMF also paints a bearish picture. At press time, the value is -0.12, which means that the fund flow favors the bears. Only time will tell if ETH will continue to decline along this trend or if a reversal will occur.
Despite the drop in ETH prices, addresses continue to accumulate cryptocurrencies. Data from Glassnode shows that the number of non-zero addresses on Ethereum recently hit a new all-time high of 103,716,101.
However, despite the optimism expressed by holders, other factors such as declining interest in NFTs could affect the protocol’s growth. According to recent data, Ethereum NFT trading volume on the OpenSea marketplace has dropped sharply.