Ethereum Devs Try To Leverage Price Surge As Smart Contracts Reach New High

Ethereum rallied alongside the rest of crypto market and surpassed $1,500 to reach a new one month high. Developers woke up from their sleep to capitalize on the new interest in the crypto market as the market rallied. As a result, the number and quality of smart contracts that were deployed to the network soared to new levels in 2022.

Devs Turn Up the Heat

In 2022 the Ethereum network saw a decline in the number of new smart contract deployments. Given that crypto markets were entering a prolonged winter, investors are no longer prepared to take the same risks now as 2021.

As they waited for market conditions that would allow them to launch their projects, developers were forced to put off some of their projects. In the past week, new smart contracts were quickly deployed. This led to an all-time high for 2022. 

More than 35,000 Ethereum-based contracts have been deployed during the seven-day period. These new contracts have been deployed in line with the recovery of the market. High prices encourage investors to make more money on new projects. This is why developers are willing to sell their contracts. 

Ethereum new smart contracts

 Source: CryptoQuant| Source: CryptoQuant

The number of daily active addresses in the network has also increased during this period. Although it has increased by 25% over the past week, it still is not close to its all-time high in 2022 of 934,000 active address back in July. The transaction count saw an additional increase in this period.

Ethereum: Will it Survive?

Although there has been a significant rise in traffic to the network, this is not enough to keep Ethereum’s price up. On Thursday the price of Ethereum had reached just above $1,600. However, it began to rapidly lose those gains before Friday’s trading hours.

Ethereum price chart on

The ETH price drops below $1,500| Source: ETHUSD on

Ethereum’s value had dropped by almost 4% over the past 24 hours. It dropped below $1500. The support that was building at this point had not been sustainable, and the bears have broken through without too much difficulty.

Inflows to cryptocurrency exchanges are increasing with 0.5% growth in the last 24 hours. This is a sign of increasing market sell pressure. Ethereum investors appear to be balancing at this point, despite outflows increasing just as quickly.

At this moment, the 50-day moving mean points to ETH being held.  At $1,570 is the next major resistance level. It is difficult to predict where the price will swing as the market enters the weekend, which is usually marked by low volatility.

Featured Image from The Coin Republic chart by

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