Ethereum Price Dips Despite Strong Fundamentals and Growing Adoption
Ethereum's price stands at $4,147, down 1.17% in the past 24 hours, despite robust fundamentals and growing adoption. Ethereum's usage has surged, with active addresses reaching 422,000. This growth reflects a genuine increase in adoption and the expanding use of decentralised finance (DeFi) platforms. Ethereum transactions have broken a four-year range, climbing to 1.6-1.7 million daily. This significant increase highlights the network's rising popularity. An unidentified trader, known as Bitmine, has acquired a substantial amount of Ethereum, totalling 51,255 ETH, worth approximately $213 million. Bitmine, run by Tom Lee, has further boosted its ETH holdings to around $9 billion, indicating strong demand from this entity. Ethereum's perpetual volume reached $1.268 billion on 01 October, its highest since July. This increase suggests growing exposure on both sides of the market. Despite a slight dip in eth price, Ethereum's fundamentals remain strong, with increasing adoption, transaction volumes, and market interest. However, the Directional Movement Index (DMI) at 17 and the Stochastic Momentum Index (SMI) at 33 indicate bearish territory, suggesting potential challenges ahead.
Read also:
- Minimal Essential Synthetic Intelligences Enterprise: Essential Minimum Agents
- Tesla is reportedly staying away from the solid-state battery trend, as suggested by indications from CATL and Panasonic.
- UK automaker, Jaguar Land Rover, to commit £500 million for electric vehicle manufacturing in Merseyside
- IAEA Urges Action as Zaporizhzhia Nuclear Plant's Power Crisis Worsens
