Ethereum’s liquidation increased when its price reached the $2,270 mark.
Most market indicators and on-chain metrics looked bearish.
Ethereum [ETH] is witnessing a massive surge in network activity of late. This happened at a time when the king of altcoins’ liquidation levels increased.
Will Ethereum’s high network activity be enough to help paint the coin’s chart green?
Ethereum’s user activity is high
Users have shown immense interest in Ethereum in the recent past, as shown by its spiking network activity.
AMBCrypto also looked at Glassnode’s data, which revealed that Ethereum’s Active Addresses had gained upward momentum since the 16th of December.
The blockchain’s Number of New Addresses metric followed a similar increasing trend.
Source: Glassnode
However, while the blockchain’s network activity was on the rise, the token witnessed a sell-off. AMBCrypto’s look at Hyblock Capital’s data pointed out that ETH’s liquidation increased substantially nea
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