Ethereum Devs Try To Leverage Price Surge As Smart Contracts Reach New High
28 Oktober 2022 - 10:30PM
NEWSBTC
Ethereum rallied with the rest of the crypto market, reaching above
$1,500 to land at a new one-month high. As the market rallied,
developers had roused from their slumber looking to take advantage
of the renewed interest in the market. This saw the number of new
smart contracts deployed on the network reach new 2022 highs. Devs
Bring The Heat Through 2022, the number of new smart contracts
being deployed on the Ethereum network had been on the decline.
This decline is understandable given that the market had entered
another stretched-out crypto winter and investors were no longer
willing to take as many risks as they did back in 2021. Developers
had to shelve some of their projects as they waited for better
market conditions to launch, which was provided by the market
recovery. New smart contracts were deployed rapidly in the last
week, leading to a new all-time high in 2022. Related
Reading: Can Elon Musk Influence The Next US Election? In this
7-day period, there have been more than 35,000 new Ethereum
contracts deployed. The deployment rate of these new contracts has
followed the market through its recovery. As prices are high,
investors are more likely to put money into new projects. Hence the
willingness of developers to put their contracts into the
market. New smart contracts surge | Source: CryptoQuant Daily
active addresses on the network also recorded an uptick during this
time. It is up about 25% in the last week, although it is far from
reaching its 2022 all-time high of 934,000 active addresses back in
July. Accordingly, the transaction count also saw an increase
during this time. Can Ethereum Hold Up? Even with the marked
increase in activity on the network, it has not been enough to hold
up the price of Ethereum. The digital asset which had reached a
peak just below $1,600 on Thursday had begun to quickly shed its
gains ahead of the opening of trading hours on Friday. ETH price
loses footing above $1,500 | Source: ETHUSD on TradingView.com
Ethereum had lost almost 4% of its value in the last 24 hours,
which dragged its price down below $1,500. Support that had been
mounting at this level had proven to not be sustainable and bears
had broken through the barrier without much hassle. Exchange
inflows for the cryptocurrency are on the rise in the last day with
a 0.5% increase. This indicates mounting sell pressure on the
market. However, with outflows growing just as rapidly, Ethereum
investors seem to be carrying out a balancing act at this junction.
Related Reading: Meta’s Reality Labs Reports $3.6 Billion In
Losses, When Will It End? The 50-day moving average points towards
hold for ETH at this point. The next significant resistance
level now lies at $1,570. As the market goes into the weekend which
is always marked by low volatility, it is hard to pinpoint where
the price could swing. Featured image from The Coin Republic, chart
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