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The blockchain analysis form, Santiment, posted on Twitter on July 27 that Ethereum (ETH) shattered records on Tuesday. Ethereum managed to surpass its all-time high active address activity by a huge margin.
It is estimated that around 1.06 million ETH addresses made transactions on Tuesday alone. This is a 48% increase from the previous record, but the team is still not certain what led to this spike in activity.
This is probably the reason why ETH is currently occupying the top spot on CoinMarketCap’s trending list, joining cryptos like Grove (GVR) and Green Satoshi Token (GST).
According to CoinMarketCap, ETH is trading at $1,635 after a 13.25% increase over the last 24 hours. This price translates to about 0.07098BTC. ETH was also able to reach a high of $1,666.88 over the same period.
Things are looking very green for ETH as the altcoin is up 10.17% over the last week and 38.56% over the last 30 days.
When looking at Market cap, ETH is currently standing at $200,246,225,953.
ETH’s 24-hour trading volume is also up about 47.30% to now stand at $24,877,953,626.
With ETH breaking the $1,600 hurdle, an immediate resistance formed near the $1,675 level and the main resistance lies at the $1,735 zone. If the ETH price breaks above $1,735, it could push the price higher, even to the $1,800 resistance zone.
On the other hand, if the price of ETH is unable to rise above $1,675, it could lead to a downside correction.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.