These on-chain metrics suggest that ETH Could Rally Going Ahead

The world’s second-largest cryptocurrency Ethereum (ETH) has been under a bit of selling pressure moving closer to $1,200 levels. However, the ETH price is showing a bit of bounce back recently and has surged to $1375 levels.

Some on-chain indicators hint at a positive development in terms of network activity for Ethereum. Ason-chain data provider Santiment reports:

Ethereum’s amount of new addresses being created is hovering around 70k per day again, the highest seen since early August. And after quite a bit of uncertainty around the mid-September #merge, the supply of $ETH on exchanges has dropped back to 14.6%.

Post the major sell-off in June, Ethereum (ETH) gave a solid run-up all the way to $2,000 ahead of the Merge upgrade. The ETH price rallied nearly 80% from the June lows before retracing back once again.

Last month, Ethereum (ETH) successfully conducted its Merge upgrade, and the ETH price showed a ‘sell-the-news’ kind of move. As the U.S. eq