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ETH Price: Network Activity Soars 38% as dApp Volumes Break Records Blockonomi 21 Nov 2024

ETH Price: Network Activity Soars 38% as dApp Volumes Break Records 📈

Ethereum DeFi NFTs

Ethereum's decentralized application (dApp) ecosystem has experienced significant growth in the past month, with volumes increasing by 38%. The total volume has reached $3.54 billion, marking a substantial uptick in network activity.

One key indicator of this growth is the rise in daily unique active wallets, which has climbed to 78,530 users. This suggests increasing engagement and interest from the user base.

Gas usage on the Ethereum network is also on the rise, driven by activity in decentralized finance (DeFi) platforms, non-fungible tokens (NFTs), and stablecoin transfers. These sectors are contributing to the heightened demand for Ethereum's computational resources.

Despite the increased network activity, Ethereum's price is currently trading around $3,114. Traders are eyeing a key resistance level at $3,200. Technical indicators show a neutral market stance, with the Relative Strength Index (RSI) sitting at 59.35.

Source: blockonomi.com ↗

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