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Ethereum has surged to over $1.7k after network activity hit a new all-time high.
Ethereum (ETH) Crosses $1,700 After Network Set A New All-time high For Daily Active Addresses, 48% Higher Than Previous Record.
ETH has been sending off signals of an oncoming price surge for some time. Just recently, as reported by The Crypto Basic, the Ethereum network recorded a sudden increase in the number of daily active addresses. The number set a new high, surpassing the previous record by 48% to reach 1.06 million active addresses.
ETH Dashes Above $1,700
Santiment has reported that ETH price has surged to cross the $1,700 mark, a move that could have been fueled by the increase in the active daily addresses. Santiment is a reputable firm focusing on crypto chain analysis and social metrics. At press time, ETH is trading at around $1,725, recording a 5% increase in the last 24 hours and a 7-day surge of about 8.6%.
🥳 #Ethereum had a big Thursday, soaring above $1,770 for the first time since June 10th. This spike was just two days after $ETH hinted at a big move following its #AllTimeHigh in address activity, breaking over 1 million for the first time in history. 👏https://t.co/a2FIqimtho https://t.co/y8EtRIdIn9 pic.twitter.com/JurbngARpS
— Santiment (@santimentfeed) July 29, 2022
This sudden surge in active addresses comes after Ethereum developers executed a shadow fork that will pave the way for the final upgrade of the Ethereum network from a Proof-of-Work to a Proof-of-Stake model. The final merger is expected to happen in September this year. Interestingly, while ETH appears to be surging, founder Vitalik Buterin says the expected merger is yet to be priced in. This sentiment could indicate a growing optimism that the ETH prices could surge higher than the current range. Time will tell.
What’s Going On?
From a critical point of view, several factors could have affected the ETH price. Besides the expected merger and the overall and apparent recovery of the larger crypto market after a brutal winter, the recent move by the Fed to raise interest rates by 75 basis points (0.75%) helped crypto to gain upward momentum. People may be getting into crypto, especially Ethereum, hoping to secure their wealth in the face of inflation.