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Ethereum has seen notable volatility in recent times, primarily stemming from that seen by Bitcoin and many of its other peers.

This has allowed the ETH to rally to fresh post-February highs of $230 overnight, although its push up to this level proved to be highly unsustainable and resulted in it declining back into the lower-$200 region.

Fundamental analysis of Ethereum’s on-chain data seems to suggest that this uptrend may ultimately prove to be stable and sustainable, as the cryptocurrency’s primary investor base are showing signs of “strong hodling behavior.”

This also coincides with only a slight uptick in on-chain network activity from investors, signaling that most are waiting for significantly higher prices before they offload their tokens.

Ethereum’s price saw a notable upswing over the past couple of days that has allowed it to climb from lows of $198 to highs of $230.

The visit to these highs was short-lived, however, as the rejection seen here led ETH to erase a good portion of the gains incurred during its latest explosive movement.

Ethereum has now been able to find some stability around its current price of $210, although it is underperforming Bitcoin by nearly 6 percent at the time of writing.

This volatility hasn’t triggered quite as much activity amongst investors as one would expect, as data from the research platform IntoTheBlock shows that only one percent of the crypto’s total wallet addresses conducted any transactions throughout the past 30 days.

They revealed this data in a recent tweet, saying:

“How active is the Ethereum network? Ethereum has 37.73 million addresses with a balance in ETH – Of those addresses with a balance, 1.01% on average had a transaction during the last 30 days – During the last 7-days, the number of active addresses in a day increased by 9.5%”

Further data from analytics firm Glassnode shows that Ethereum investors have been expressing “strong hodling behavior” over a long-time frame, signaling that the majority of ETH’s investors are looking to hold their tokens until it reaches a significantly higher price down the line.

“ETH investors are showing strong hodling behaviour: – 77.7% of the supply hasn’t moved in 6 months – 57.6% hasn’t moved in a year – 31.6% hasn’t moved in 2 years (EOAs only, smart contracts excluded)”

If this trend continues strong and the majority of Ethereum’s investor base doesn’t offload their crypto during future upswings, this could signal that its next mid-term uptrend will prove to be both strong and highly sustainable.

The post Here’s why Ethereum’s “hodlers” could ultimately fuel an explosive uptrend appeared first on CryptoSlate.

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