Glassnode Reports: Where Is Ethereum Heading?

Ethereum miner revenue is not only a useful metric for evaluating mining profitability, but also a useful metric. It can also be used to evaluate the utility level of the network. This metric is very important, especially if the market is going through a period of low volume and low demand. In such a scenario in the market, the increase in miner income is good news for investors.

When it comes to Ethereum’s network activity, the number of daily active addresses has peaked in a monthly period over the past three days. This means that the number of ETH transactions has increased over the same period, explaining why miner revenues have also increased.

The observed increase in transaction volume may indicate accumulation and thus the return of upward demand. As a result, ETH price action continued to rise gradually. It managed to record a 9.3 percent increase in the last two days, confirming that the recent increase in active addresses was mostly purchase volume.

The bullish pressure responsible for ETH’s current rise has been reflected by a slight spike in trading volume so far this week. However, it remained relatively low compared to the peak daily trading volume figures in early November.

The relatively low trading volume indicates that there is no strong whale presence and that the whales do not move. This may also confirm that the observed increase in active addresses reflects increased retail investor activity. The individual investor market generally has less influence on price than whales do. Speaking of whales, wallets holding between 1,000 and 100,000 ETH in their wallets seem to be causing selling pressure.

In addition, wallets holding between one million and 10 million ETH are reducing their balances with their sales. Selling pressure confirms some profit taking in the last three days. Sufficient selling pressure could eventually trigger a bearish pullback. However, there has also been some buying from some whales, especially in the wallet class holding 100,000 to one million ETH. The above observations confirm that ETH’s bullish demand is back. However, the recent upswing has brought some profit taking and market participation is still low. In other words, investor confidence is increasing, but there is no buying pressure at FOMO levels.

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