Ethereum’s active addresses have experienced a significant surge, reaching 670K and surpassing the previous high in March 2024. This spike in network activity indicates a growing adoption of the Ethereum network. It is worth noting that while a single entity may have multiple addresses, the consistent growth in active addresses suggests a broader user base.
At the same time, Ethereum’s Total Value Locked (TVL) has also seen a notable increase, rising from $65B to $98B before settling at $84B. This metric tracks the amount of funds locked in decentralized finance (DeFi) platforms on the Ethereum network. Platforms like Aave and Lido have dominated a significant portion of ETH’s TVL, with over $60B locked in these two platforms.
The surge in network activity and TVL could be attributed to institutional players driving DeFi activity. One notable player in this space is President Trump’s World Liberty Finance (WLFI), which has been actively buying ETH. However, the recent 8% decline in ETH’s price to $3K has exposed WLFI to a significant unrealized loss of $14.9M.
Despite the bearish trend in ETH’s price, the cryptocurrency has managed to hold the $3K support level. However, if bearish sentiment persists post-Federal Open Market Committee (FOMC) meeting, a downside breach of the support level could not be ruled out. On the other hand, a potential reversal could push ETH towards the mid-range of $3.5K or the resistance area between $3.6K and $3.7K.
Overall, the increased network activity, rising TVL, and involvement of institutional players like WLFI in the Ethereum ecosystem indicate a growing interest and adoption of the platform. It will be interesting to see how these factors continue to shape the future trajectory of Ethereum in the coming months. In today’s fast-paced world, we are constantly bombarded with information from various sources. From social media to news outlets, it can be overwhelming to keep up with all the latest news and trends. This is where the importance of staying informed comes into play.
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