Ethereum touches $1,800 again, which means 104% return from June’s bottom
Yesterday’s closing on the crypto market was marked by major altcoin Ethereum reaching the $1,818 mark, a value crypto investors have not seen since the beginning of the summer.
According to crypto analyst agency Santiment, Ethereum’s systematic return to this historically important level was accompanied by an increase in the number of unique addresses interacting on the blockchain network. As can be seen on the graph, the number of addresses has only grown since the last week of June, until at one point it reached a record high for all of 2022 with 546,000 active addresses per day.
Ethereum is subduing a new wave of popularity, given the position of the blockchain as a major news maker in recent weeks amid the impending transition to the PoS consensus. Glassnode, another on-chain analytics portal reports That for the first time ever, the open interest in ETH options exceeds the open interest in BTC, and exceeds $1.5 billion.
This phenomenon is attributed to traders’ expectations of strong ETH growth ahead of the September transition.
Is inflation going to spoil the sentiment again?
Nevertheless, despite several bullish signals, there are investors who still prefer to exit Ethereum as long as the sentiment around the coin is positive.
As one crypto trader noticed, there was a massive reduction in open long positions on ETH on Bitfinex, when on Aug. 8, a certain whale, in anticipation of tomorrow’s inflation data, closed 230,000 ETH longs bought in early July at a price of $1,065. This is the first such reduction in longs since ETH was $4,500.
