ETH Positive Price Action

    Introduction

    • In this Analysis, You will Read About ETH tokens. The price of Ethereum has increased significantly since The beginning of the New Year.
    • Looking at Ethereum Mainnet activity from block: 16310000 (Jan 1, 2023) to block 16420000 (Jan 16, 2023), what on-chain activity could correspond to the recent increases in ETH's price?
    • What major apps, tokens, or similar have risen with or more than ETH over that time span?
    • How has user activity, including in specific protocols, changed over the time period?
    • I went through the Ethereum chain and analyzed these parameters:
      • ETH Price

      • ETH Price comparison with other top tokens

      • Swaps from and to ETH

      • Transfers from and to CEXs

      • Top Platform Based on ETH


        Analyzed by Hess - Reading Time Almost 10 Min. \n

    Method

    When FTX Crashed, The ETH Price dropped by 30-40%. I Analyzed the Ethereum chain during that time. So, I used my Old Method, but in this analysis, I’m looking for a price trigger and why the ETH price has increased since the beginning of the New year.

    **Link To my previous Analysis about ETH: **

    Token Prices growth credit to the old Dashboard of #JacktheGuy.

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    Swaps From and To ETH token

    So Far, I have analyzed the price growth of top tokens. Now, It’s time to examine the swap activities of ETH on the Ethereum chain. As you may know, buying and Selling a token directly relates to its price. But CEXs are a better place to track buying and selling. We don’t have access to CEX’s activity. So, I only followed activities on the Ethereum chain.

    Swap Transactions:

    • The total daily number of swaps shows users have sold more ETH, and On the other side, users have bought less ETH. Since January 1st, The total daily number of swaps to ETH has increased a little.

    Swappers

    • Following the total number of swaps and from ETH, The total daily number of swappers was like swap transactions. More users sold ETH than those that bought ETH tokens since January 1st. The total daily number of swaps to ETH was 9K but increased to 14.7K on January 16.
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    Transfers to CEXs and vice versa

    The only activity we can track about CEXs is transferred from the Ethereum chain to CEXs and vice versa. I examined the ETH transfers from and to CEXs.

    • Based on the total daily number of transfer transactions, More transactions were to Ethereum than transactions from the Ethereum chain. Only on January 5, The total daily number of transfers to CEXs increase significantly. That day, the ETH price increased to 1255 from 1197 US dollars. The growth of ETH prices started from that day.
    • Based on Volume, I can not see any unusual activities on January 5. Users transferred 225M US dollars from the Ethereum chain to CEXs. Day by day, Since January 1st, The total daily transferred volume increased to 537M US dollars.
    • Overall, Users transferred 5.1B US dollars of ETH from Ethereum and 4.8B US dollars to the Ethereum chain.

    What is ETHEREUM?

    • Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization. Ethereum was conceived in 2013 by programmer Vitalik Buterin.

    What is ETH TOKEN?

    • Ether is the transactional token that facilitates operations on the Ethereum network. While ether is the cryptocurrency of the Ethereum network, metaphorically speaking, it is more accurate to refer to it as the "fuel" of the network.

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    Full Analysis

    ETH Price

    First, I compared ETH Price with the top token in the market, which is BTC.

    • After the New Year, All tokens in the market started to increase following the BTC. All the news was negative, but Crypto had a good start in 2023.
    • The ETH price was 1197 US dollars but in 16 days increased to 1.562 US dollars. On the Other side, BTC price was 16.5K during the Christmas holidays and New year but like ETH, in 16 days, Increased from 16.5K to 21K. Probably the highest price since the FTX exchange crashed.
    • As I mentioned, There wasn’t any good news for the Crypto and non-Crypto industry. So, There are so many people that say these increases are not logical and This is a big bull trap. While I am writing this analysis, on January 20, The ETH and BTC prices still keep their value.

    In the below chart, you can find the changes price of ETH compared to BTC since the new year.

    • From January 1st, the price of ETH rise to 365 USD, and the price of BTC increased by 4490 USD.
    • As the chart shows, the growth pattern of both assets was almost the same. When the value of BTC in USD increases, ETH's price also increases.
    • The differing percentage of ETH is more than BTC since January 1st. This is because the price of ETH is less than BTC, and a few changes can cause a massive percentage of increase.

    • In total, the price of ETH increased by almost 23.4, and the price of BTC increased by 21.4.

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    The total number of swaps and swappers is important, but the volume is more important. Volume can impact the Price.

    • From January 1 until January 16, The total daily swap volume from ETH was higher than the total swap volume to ETH in USD. On almost all days, The total daily swap volume from ETH was much higher than swaps to ETH. Based on these charts, I can say that the volume of ETH on the Ethereum chain couldn’t help ETH's price to grow.
    • It seems Some whales started to buy tokens on CEXs. Or it could be a manipulation to create a bull trap for average users to buy their tokens. Immediately after that, Token prices will decrease. However, It’s not clear right now.
    • The daily swap net volume of ETH is not in a good position. The current swap net of ETH is -2.8 US dollars based on the swap since January 1st.
    • Since The beginning of the New year, The daily swap net of ETH was negative. Based on that, Probably we should conclude that ETH is not in a good position but we don’t know activities on CEXs.


    In the previous charts, I analyzed the total daily swaps from and to ETH tokens on the Ethereum chain. In my opinion, If users swap to Stablecoins, It means they have a fear of keeping their tokens, especially ETH tokens. But if they swapped their ETH for other tokens, It means they have a good feeling about the market and want to make more profit from other tokens.

    • The below charts show the total daily number of swaps from ETH to stablecoins and non-stablecoins. Since the beginning of the New year, The total daily share of swaps to Stablecoins was 25-35%, and the total daily share of tokens was 65-75%. I can conclude that users have a good feeling about the market, and They want to make more profit by swapping their ETH for other tokens rather than stablecoins.
    • Overall, 31% of transactions were swapped to Stablecoins, and 69% were swapped to non-stablecoins.
    • Based on the total swap volume from ETH, Users swapped the higher volume to other tokens rather than Stablecoins like USDC, DAI, and USDT.
    • Overall, 3.9B Us dollars were swapped to other tokens, and 3.2B US dollars of ETH were swapped to stablecoins.

    Conclusion

    • I can conclude that The On-chain activities didn’t change too much, which caused to increase in ETH or other token prices.
    • ETH Price increased by 23%, 365US dollars from January 1st until January 16th.
    • Among top tokens, Sol had the highest growth, with 112%, and ETH, with 23%, is in the middle of the top tokens.
    • The Current Swap net on the Ethereum chain is -2B US dollars. It means more volume is swapped from ETH rather than to ETH.
    • 69% of swap from ETH was swapped to non-stablecoins, and 31% of transactions were swapped to stablecoins.
    • Users swapped 3.9B US dollars to non-stablecoins and 3.2B S dollars to stablecoins.
    • On January 5, 163K transactions went out from the Ethereum chain.
    • Users moved 5.1B US dollars of ETH from Ethereum to CEXs and 4.8B US dollars to the Ethereum chain.
    • Based on Total ETH volume, Binance, with 7.4B US dollars, was the top platform, and Coinbase, with 0.98M transactions, was the leading platform based on ETH transactions.

    THANK YOU FOR READING!

    ALL CODES AND CONTENTS WERE WRITTEN BY HESS.

    :bird: Twitter: @hessaminanloo

    :t-rex: Discord: hess#0890

    :calendar: Analyze Date: 2023/JAN/20

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    Platforms

    If you are interested in ETH volume on platforms, see the charts below.

    • Based on the top 3 daily platforms, Binance was the top platform that a huge volume of ETH went through this platform. Binance is a CEX. On January 14, When the highest volume of ETH was transferred, Binance, Coinbase and Uniswap were the top three platforms based on total ETH volume.
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    ETH Vs BNB: BNB had better growth compared to ETH. Only on January 16. ETH price has higher growth than BNB.

    ETH Vs. Matic: Interestingly, The growth of Matic was similar to the ETH movement.

    ETH Vs. OP: OP is a native token of Optimism. There were a lot of talks about the growth of OP, but as you can see, Like Matic, It was similar to ETH.

    ETH Vs. Sol: At the beginning of the Year, Sol's growth was amazing. Nearly 110% growth quickly, but Until January 16, ETH growth became similar to Sol.

    Which tokens had a higher growth?

    I tracked some popular tokens on the market to see which tokens had higher growth in percentage.

    • Among these tokens, Sol, with 122%, had the highest growth compared to other tokens.
    • After SOL, I can see AAVE and Flow tokens with 55-56% growth. BTC Growth was 27% like ETH which was 29%.
    • UniSwap hadn’t grown and it was -34%. Sushi, BNB, Matic, and Link had the lowest growth compared to other top tokens.
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    Since January 1st, The current Net of ETH transfer from ETH is -264M US dollars. There were so many ups and downs but if You can see on the below chart, When ETH price started a growth, The total daily transferred volume from Ethereum to CEXs increased.

    Top Platforms

    Based on ETH Volume:

    • Binance was the top platform with 7.4B US dollars and 38.7% of total ETH volume. After Binance, CoinBase, with 3.1B US dollars, and Uniswapa, with 2.4B US dollars, are in next place. It is interesting that two of them were CEXs and one of them was DEX.

    Based on the total number of ETH Transactions, Coinbase, with 0.98M transactions since January 1st is the top platform. After that, Uniswap with 728K ETH transactions, is in the second place. Again, Binance is in the top 3 platforms with 651K transactions.