Ethereum's On-Chain Activity Reaches All-Time Highs
Ethereum's Surge in August
- DEX Volume Growth: Ethereum's decentralized exchange (DEX) volume reached an impressive $135 billion in August, indicating a significant increase in trading activity compared to previous months.
- Transaction and Address Metrics: The network recorded 48 million on-chain transactions and saw active wallet addresses rise to 15 million, reflecting heightened engagement from both retail and institutional users.
Total Value Locked (TVL) Milestone
- TVL Achievement: Ethereum's Total Value Locked (TVL) surpassed $240 billion, showcasing strong investor confidence in decentralized finance (DeFi) protocols on the network.
- DeFi Adoption Indicator: The growth in TVL is a positive sign of increasing DeFi adoption, reinforcing Ethereum's dominant position in the space as fresh capital flows into smart contracts and DeFi platforms.
Shift in Market Dynamics
- ETF Inflows vs. On-Chain Activity: Previously, Ethereum's price increases were primarily driven by ETF inflows and speculation, with on-chain activity lagging. However, August marked a turning point where both price performance and on-chain fundamentals aligned.
- Sustainable Growth Outlook: The rise in actual network usage suggests a more sustainable foundation for future price growth of Ethereum, indicating a bullish outlook as the ecosystem continues to evolve.
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Technical Analysis for DEFI
Technical Sentiment Analysis for DeFi (DEFI) As of , DeFi (DEFI) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 3 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for DEFI stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, DEFI is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
DeFi (DEFI) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.000203 | 0.000249 | 0.000292 | 0.000338 | 0.000381 | 0.000427 | 0.00047 |
| Fibonacci | 0.000249 | 0.000283 | 0.000304 | 0.000338 | 0.000372 | 0.000393 | 0.000427 |
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