Ethereum’s network activity has these tips for long-term investors

ambcrypto.com:

The price of the leading altcoin, Ethereum [ETH], traded above $1,770 during the intraday trading session on 28 July. The last time that the altcoin reached this price was on 10 June.

Furthermore, according to data from Santiment, with the recent price rally, the coin’s trading volume has hit a six-week high.

Two days ago, Ethereum witnessed significant growth in the number of unique addresses that traded the king alt as the daily active addresses hit an all-time high (ATH).

According to data from IntotheBlock, over 1.1 million addresses made an ETH transaction two days ago, making a total of 1.64 million transactions recorded that day. 

What else did we spot about the alt’s performance in the last 24 hours?

Trading at $1,724.91 at press time, data from CoinMarketCap revealed a 5.79% growth in the price of the altcoin in the last 24 hours.

The altcoin’s trading volume also witnessed a 7.93% uptick within the same time and its trading volume stood at 26.74 billion at press time. The alt’s trading volume has risen rapidly by 41%  in the last seven days. 

Following the price rally of 28 July, ETH’s market capitalization reclaimed the $205 billion spot. At press time, the alt’s market capitalization stood at $211.34 billion. At $133.35 billion just a month ago, ETH registered a 58% growth in its market capitalization in the last 30 days. 

Source: Santiment

On the four-hour chart, the ETH coin was severely overbought. The token’s Money Flow Index (MFI) was spotted in an uptrend at 90.40. Similarly, its Relative Strength Index (RSI) maintained a position at 70.08 index.

With key indicators trading at these levels, caution is necessary as a bearish retracement usually follows such highs. 

Source: TradingView

In the last 24 hours,