TechFlow news, on November 21, IntoTheBlock posted on X stating that Bitcoin has performed outstandingly in this current rally, while Ethereum's on-chain activity shows mixed signals.
Historically, Ethereum often benefits after Bitcoin rallies, but currently its on-chain activity reveals evenly distributed potential resistance levels. Nevertheless, these resistance levels may have limited impact in the current market environment.
The number of new Ethereum addresses remains below previous bull market levels, possibly due to the growing adoption of Layer 2 solutions such as Base. Despite this, Base relies on Ethereum as its settlement layer. Daily transaction volume has slightly increased to 1.22 million, up from 1.1 million three months ago. Transaction volumes are climbing, and large holders continue accumulating, indicating long-term confidence in Ethereum.
If Bitcoin consolidates at its current high levels, Ethereum may see an upward movement.
