Ethereum [ETH] notes unprecedented hike, thanks to its…

The trading session on 8 August was an interesting one for ETH HODLers as the price of the leading altcoin jumped above $1,800 for the first time in two months, data from Santiment revealed.

In the last 30 days, the ETH network has seen over 546,000 active addresses trading the coin daily. Santiment showed this to be the highest rate in the daily active address index that the altcoin registered so far this year.

Fortune has smiled on the leading altcoin

At the beginning of the bull market in July, Ether traded at $1,059. Sharing a close correlation with Bitcoin, the price of ETH surged as the price of the king coin rallied.

During the intraday trading session on 8 August, ETH exchanged hands above the $1,800 price mark, jumping by over 40% in the last month.

Further, the Ethereum Network has seen over 15 billion in daily trading volume over the last 30 days. 

Source: Santiment

Trading at $1,771.66 as of this writing, ETH registered a 2.39% growth in price in the last 24 hours. According to data from CoinMarketCap, trading volume rallied by 69% within the same period. 

On a 4-hour chart, a gradual accumulation of ETH coins was underway at press time. The coin’s Relative Strength Index and Money Flow Index were spotted at 63 and 74, respectively.

Source: TradingView

On-chain analysis

In the last 30 days, wallet addresses holding between 100 to 1,000 ETH coins grew their ETH holdings by 1%.

According to data from Glassnode, addresses on the ETH network holding 1k+ ETH coins just clocked a seven-month high of 6,333.

📈 #Ethereum $ETH Number of Addresses Holding 1k+ Coins just reached a 7-month high of 6,333

View metric:https://t.co/iDNXAbbLRt pic.twitter.com/ZKHGHgRzCZ

— glassnode alerts (@glassnodealerts) August 9, 2022

Further, bigger whales holding between 100,000 to 1,000,000 ETH coins grew their holdings by 6%. However, since 29 July, holders of 1,000,000 to 10,000,000 ETH coins reduced their holdings by 14%.

Source: Santiment

With the last 30 days marked by a jump in the price of the leading altcoin, the 30-day MVRV revealed that many investors have been in profit.

At press time, this stood at +16.36%. Interestingly, the weighted sentiment as of this writing was a negative 0.32.

This showed that some investors still entertained fear even as the general market remained bullish. 

Source: Santiment

Notably, with the Proof of stake merge scheduled to take place in a few weeks, the developmental activity of the Ethereum Network has seen growth in the last 30 days.

Source: Santiment