Ethereum (ETH) Records Surge In Active Addresses – Incoming Price Rebound?
June 22 2024 - 11:30PM
NEWSBTC
Ethereum (ETH) is currently down by 0.75% as its price continues a
range-bound movement seen all week. However, in its monthly
timeframe, the most prominent altcoin displays a concerning
performance with a reported loss of 6.40% according to data from
CoinMarketCap. However, popular crypto analyst Ali Martinez
has picked up a notable development on the Ethereum network which
could spell good fortunes for price action in the coming days.
Related Reading: Ethereum Price Retreats: Market Sentiment Slowly
Shifts Bearish Ethereum Active Addresses Soar To 3-Month High At
617,170 In an X post on June 22, Martinez reported a significant
spike in the active addresses on the Ethereum
blockchain. Using data from blockchain analytics company
Santiment, the crypto analyst noted there were 617,170 active
Ethereum users on June 21, marking the highest value for this
metric in the past three months. #Ethereum just saw its largest
spike in active $ETH addresses in three months, reaching a total of
617,170 active #ETH addresses. pic.twitter.com/CSqBOnQhEr — Ali
(@ali_charts) June 22, 2024 This development has sparked much
speculation in the Ethereum community as a rise in active addresses
often signifies an increase in network activity which is quite
important following Ethereum’s overall negative performance in the
last month. In theory, this is a positive omen for ETH’s
price as higher activity corresponds with a rise in user
transactions thus driving higher demand for the cryptocurrency and
ultimately producing a price rebound. Many Ethereum enthusiasts
would likely hope that this turns out to be the case when the
altcoin breaks out of its current condition between $3,400 and
3,600. Related Reading: 3 Reasons To Invest In Ethereum, 1 To Stay
Bitcoin-Only: Bitwise CIO ETH Propped For Major Rebound In
other news, another crypto analyst Michaël Van De Poppe has also
added to Ethereum’s chances of staging market recovery. Using the
ETH/BTC price chart, van De Poppe stated that as long as ETH trades
above the 0.05 price mark, the token’s downtrend is set to undergo
a reversal soon. Currently, ETH trades around $3,504.42 with
a 1.56% decline in the past week. Notably, the token’s daily volume
is down by a staggering 52.93%, presently valued at $7.50 billion.
If the bulls are able to mount massive pressure forcing an upward
breakout, ETH may return to the $4,000 last seen in March. However,
if the bears retain market control, Ethereum could fall as low as
$3000, representing a potential 14% decline from its current price.
It’s worth stating that all predictions are merely speculations and
offer no guarantee. Investors are admonished to conduct proper
research before buying any asset. ETH trading at $3,511 on the
daily chart | Source: ETHUSDT chart on Tradingview.comFeatured
image from, chart from Tradingview
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