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July 27, 2022 by Lipika Deka
The Ethereum network registered quite a few anomalies as the crypto market braced for the most important event – The FED releasing the GDP information.
Data from Santiment showed that there has been a gradual decline in competition for block space implying that market participants aren’t feeling any FOMO these days.
Between Ethereum’s declining fees & the sudden massive address activity spike we picked up a few hours ago, there are quite a few anomalies to watch as traders prepare for FED and GDP info coming out.
This in turn has lowered the Average Fees indicating that the traders are not going with the hype. In fact, they are expecting ETH prices to drop further in the anticipation of FOMC meeting.
The bottom line – Ethereum prices would remain volatile.
A few days ago, Tokenview also reported that Ethereum’s average Gas fee was a record low of 9.12 Gwie. It added that ETH’s Gas fee was on a downtrend for a straight 4 days.
Ethereum’s On-Chain Metrics Display Unusual Activities 3
Next, Santiment noted that the Active Address count saw one of the biggest jumps on Ethereum recently, which it deemed as not normal. “This might be some kind of a large-scale airdrop farming operation, the report added.
Even Supply on Exchanges too showed a sharp spike accounting for 0.5% of total supply, or roughly 500k ETH were added to the exchange wallet.
“Looks like people are seeking to exit their positions, whether for the reason of price declining or anticipating the negative data releases”, Santiment concluded.
Ethereum Registered A Price Uptick
Meanwhile, The Federal Reserve is widely expected to raise interest rates by another three-quarter of a point on 27th July, and it could stun markets by being more hawkish as per a CNBC article.
Federal Reserve meetings kicked off on 26th July, which are expected to wind up on 28th with the release of Q2 GDP.
Investors are hoping to see the Central Bank raise interest rates by another 75 basis points.
Nevertheless, crypto investors are up for another rollercoaster this week. At the time of writing this post, ETH is trading at $1470 and has risen by over 6% in the last 24 hours.