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The largest altcoin, Ethereum (ETH), which had a volatile start to the week, once again rose above $1,620. As the price rises, it is observed that ETH’s on-chain activity is also increasing healthily.
Notable Increase in Ethereum’s On-Chain Activity
On-chain data provider Santiment reported a significant increase in activity on the Ethereum network, with 1,089,893 unique wallet addresses participating as ETH senders or recipients on September 13. This increase corresponds to the second-highest figure in Ethereum’s over 8-year history. This unusual increase in wallet address activity could serve as a capitulation signal required for price recovery.
Technically, for ETH, it is said that the $1,633 level is an important threshold corresponding to the 100-day Exponential Moving Average (EMA) in the upward direction, and the 50-day EMA passing through $1,613 is a short-term support. A strong breakout beyond the 100-day EMA could confirm the price’s progress towards $1,800.
On the contrary, a downward breakout could trigger a new round of selling and push ETH’s price below $1,600. In such a scenario, the price is expected to consolidate around $1,531.
Current Status of Ethereum Options Data
According to the data provided by Greeks Live, the options consisting of approximately 56,000 ETH will expire soon, with a put-call ratio of 1.09, a maximum pain point at $1,650, and a nominal value of $250 million.
Interestingly, there has been a significant increase in ETH put positions, leading to a gradual decline in implied volatility. While there has been a slight decrease in trading activity this week, large-scale investors continue to bet on low volatility, although uncertainty persists. Indeed, only time will tell how Ethereum will perform in the future.
