Ethereum Is About To Break Out As Traders Turn Memecoin Profits Into ETH, Says Analytics Firm

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A leading analytics firm says Ethereum (ETH) is sending a bullish signal on-chain as traders crowd into the leading smart contracts platform.

Santiment says Ethereum is seeing a surge in active deposits, a metric that tracks the number of unique deposit addresses on an exchange that have been active on a particular day.

According to Santiment, Ethereum hit 20,000 active deposits for the first time since November 2021 as traders shift profits from memecoin red Pepe (PEPE) to ETH.

Exchange addresses interacting on the network are now at their highest level since November 2021. As expected, ETH is showing signs of decoupling and is poised to break $2,000 again.

Source: Santiment/Twitter

Pepe, a frog-themed memecoin, is up 4,543% from its all-time low of $0.00000005, which it hit less than three weeks ago.

At the time of writing, Ethereum is trading for $1,928.

As for the broader crypto markets, Santiment says digital assets are starting to show signs of decoupling from the stock market. According to Santiment, the crypto remained relatively firm after the Fed’s latest interest rate hike.

As expected, the Fed raised interest rates by 25 basis points at the Federal Open Market Committee meeting. Rates have now been hiked 5% in 14 months as the US continues to battle inflation. The correlation of Cryptos with these events has decreased, a positive signal.

Source: Santiment/TwitterDon’t Miss a Beat Subscribe to receive crypto email alerts straight to your inbox Check the price action Follow us on Twitter, Facebook and Telegram Surf to The Daily Hodl Mix Check the latest news headlines not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

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