The second largest cryptocurrency, ethereum (ETH), has been on a bullish trend since early January 2023. The ETH price has hit a five-month high, while some indicators have hit new highs.
Ethereum is trading at $1,676 at the time of writing, up 2.5% in the last 24 hours. Its market capitalization has risen roughly 6% over the past week to $205 billion, while ETH’s 30-day growth has reached nearly 28%.
According to data from crypto.news, this is the first time since September 13, 2022 when the ethereum price exceeded the $1,675 mark. The moves come as total ETH fees paid on a seven-day moving average have surpassed $223,000, marking a seven-month high.
In addition, the daily net flow of ethereum on-chain exchange reached $60.5 million on February 8, according to Glassnode. The data shows that $414.4 million worth of ETH was deposited on the exchanges, while $353.9 million worth of ETH was withdrawn from the asset.
The number of ethereum addresses has also increased over the past month. According to Colin Wu, a Chinese crypto reporter, the number of “non-zero” wallets has surpassed 94 million on the Ethereum blockchain.
Wu added that the number of ETH 2.0 participants is also at new all-time highs (ATH), surpassing the 527,000 mark. Additionally, ethereum gas fees have hit a six-month high of 28.15 gwei, worth $0.00005.
