#ETHRally

Ethereum recorded unprecedented levels of market activity in the last 24 hours, with daily transactions reaching an all-time high of 1.875 million, according to CryptoQuant analysis. This increase in on-chain activity comes as the price of ETH approaches its all-time high of approximately $4,750.

Today, the price of ETH experienced a 0.6% increase to approximately $4,670, placing it 5% away from its ATH price recorded in November 2021. On-chain data shows that the 30-day simple moving average (SMA30) of Ethereum for net inflows has dropped to -40,000 ETH, indicating a sustained withdrawal from exchanges.

According to CryptoQuant analysis, ongoing negative net flows suggest persistent buying pressure that could continue to drive the price upward $ETH