Ethereum (ETH) has seen a nearly 2% increase in the past 24 hours, coinciding with a multi-year high in Ethereum network transactions. The seven-day moving average of daily Ethereum transactions has risen from 1.1 million to 1.3 million in the past week, reaching levels not seen since November 2021.
Transaction volume on the Ethereum network has also surged, with the economic throughput of ETH rising from $2.8 billion to over $4 billion in the past week.
Despite the recent approval of multiple-spot Bitcoin ETFs by the Securities and Exchange Commission, Ether has maintained a value above $2,500, trading at $2,554 at the time of this post.
However, current data reveals that 91.5% of the circulating supply of Ether is in profit, a level not seen since 2021. This elevated profit supply may potentially lead traders to sell, impacting the short-term price of the digital asset.
In the last 24 hours, significant price fluctuations in Ether resulted in approximately $20 million in liquidations on centralized cryptocurrency exchanges.
Coinglass data shows that the majority of the liquidated Ether positions in the past day were long positions, totaling $11 million.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
