Both BTC and ETH have come out of extreme oversold conditions, according to blockchain analytics firm Glassnode, but from an on-chain activity perspective, the Bitcoin network is still dominated by hoarders, and so far there hasn’t been anything noteworthy. New demand returns.
On the Ethereum side, Ethereum transaction demand has been gradually declining since the sell-off in May 2021. But seeing a brief burst of activity in recent weeks, it could be constructive if the trend can continue higher.
Ethereum’s gas price recently dropped by a 7-day median to just 17.5Gwei, indicating that Ethereum’s relative activity is still at multi-year lows despite recent price increases that haven’t attracted an uptick in network usage.