2 weeks ago
21
Key takeaways:
- ETH smart contract 6-month MA at all-time high – 86,899 daily average deployments.
- Price at $2,348, more than 50% below the $4,800 2021 high.
- Three prior smart contract surges all preceded significant ETH price rallies.
- ETH broke out of three-day consolidation on April 26.
- RSI at 70.77.
- Resistance at $2,350 being tested right now.
Smart contract deployments measure something fundamentally different from most on-chain metrics. Exchange flows, whale transactions, MVRV ratios, these track what existing holders are doing with existing ETH. A developer deploying a smart contract is doing something else entirely. They are committing engineering resources to build something on Ethereum they believe people will use. The 6-month moving average of those deployments, smoothed to remove individual spikes, captures the sustained trend of that commitment.
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