IntoTheBlock: If Bitcoin consolidates at the current high level, Ethereum may see an increase

2024-11-21 19:36:50

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ChainCatcher message, IntoTheBlock posted on platform X indicating that Bitcoin has performed outstandingly in this round of increase, while Ethereum's on-chain activity shows mixed signals.

Historically, Ethereum often benefits after Bitcoin rises, but currently its on-chain activity displays evenly distributed potential resistance levels. Nevertheless, these resistance levels may have limited impact in the current market. The number of new Ethereum addresses remains below previous bull market levels, possibly influenced by the popularity of Layer 2 solutions like Base.

Nonetheless, Base relies on Ethereum as a settlement layer. Daily transaction volume has slightly increased to 1.22 million, up from 1.1 million three months ago. Transaction volume is climbing, and large holders continue to accumulate, indicating long-term confidence in Ethereum. If Bitcoin consolidates at its current high, Ethereum may experience an increase.

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