Ethereum experienced the second-highest number of monthly transactions in June 2020.
ETH’s highest monthly transactions were in January 2018 when Ethereum hit a new all-time high of $1,432.
Additional data points to Ethereum experiencing its highest daily transactions on the 29th of June.
All this could hint to ETH having hit a local peak in the crypto markets.
The team at Glassnode has released new data indicating that Ethereum experienced its second-highest number of monthly transactions in the month of June this year. This past month, there were over 28,802,843 Ethereum transactions. This value is surpassed by the monthly ETH transactions of January 2018 that stood at 33,504,270. January 2018 also saw Ethereum hit its all-time high value of $1,432. This information on Ethereum was shared via the following tweet.
June 2020 represents #Ethereum's second largest month in terms of transaction counts – only outstripped by January 2018, when the price of $ETH hit ATH.
June 29th Sees the Highest Ethereum Daily Transactions
Furthermore, the team at Santiment also noted that the daily addresses interacting with Ethereum (ETH) had spiked on June 29th to a 2-year high of 486,000 addresses. The last time Ethereum experienced such high address activity in 24 hours, was on May 5th, 2018. This information was shared via the following tweet.
The number of daily addresses interacting with $ETH has spiked in the past 24 hours to a 2-YEAR SINGLE DAY HIGH of 486,000 addresses! The last time Ethereum's address activity was this high was on May 5th, 2018. 😮👀 https://t.co/Dh6jyQ2v1X
ETHs Record Monthly Txns and Daily Address Interaction Could Point to a Local Top for ETH
Twitter user @ape_rture was quick to relate the high daily active Ethereum addresses to the ETH market top experienced in early 2018.
It’s hard to be bullish on $ETH when you see something like this happen. Peaks of the Daily Active Addresses line up with market tops.
This observation could hint at Ethereum having exhausted its bullish momentum ahead of ETH2.0.
Brief Market Analysis of Ethereum (ETH)
However, Bitcoin is once again showing signs of bullishness as BTC tries to reclaim $9,300. Additionally, the S&P 500 is looking a bit bullish on the daily chart with its value hovering above $3,100. To note is that both Ethereum and Bitcoin are currently highly correlated to the traditional markets.
Therefore, with new rumors of another possible US stimulus package in the pipeline, a confirmation of checks going out to US citizens could be the spark needed to push both the stock and crypto markets further up. As a result, the earlier identified Ethereum bull flag might just play out with ETH attempting to break the $250 and the $290 resistance levels. At the time of writing this, Ethereum (ETH) is valued at $231.
As with all analyses of Ethereum, traders and investors are advised to use risk management techniques such as stop losses and using lower leverage during uncertain times.