IntoTheBlock: If Bitcoin consolidates at its current high, Ethereum may see a rise
On November 21, IntoTheBlock posted on platform X stating that Bitcoin has performed outstandingly in this round of increase, while Ethereum's on-chain activity shows complex signals.
Historically, Ethereum often benefits after Bitcoin rises, but its current on-chain activity shows evenly distributed potential resistance levels. Despite this, these resistance levels may have limited impact in the current market. The number of new Ethereum addresses is still lower than previous bull market levels and may be affected by the popularity of Layer 2 solutions such as Base.
Despite this, Base relies on Ethereum as a settlement layer. Daily transaction volume has slightly increased to 1.22 million transactions from 1.10 million three months ago. Transaction volume is climbing and large holders continue to accumulate showing long-term confidence in Ethereum. If Bitcoin consolidates at its current high level, there could be an increase for Ethereum.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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