While numerous cryptocurrencies are experiencing significant declines due to broader market volatility, ethereum Network (eth) is experiencing a significant growth surge, reaching its highest levels in four months. This remarkable rebound has sparked speculation about the possibility of a subsequent price increase.
ethereum network experiences explosive growth
In an x (formerly twitter) x.com/santimentfeed/status/1833004546215530860?s=46″ rel=”nofollow” target=”_blank”>mail On September 9, Santiment, a market intelligence platform, revealed a recent positive change in the ethereum network. According to data from Sanbase Pro, the ethereum network has seen a notable increase in its growth levelsindicating renewed activity and potential bullish momentum for the cryptocurrency.
Sharing a detailed chart showing eth price movements and network growth over the past few months, Santiment revealed that the number of new daily wallets on the network has skyrocketed dramatically. Typically, a Increased growth on the ethereum network It is measured by the number of new addresses created on the network.
On September 8, approximately 126,210 wallets were created on the ethereum network. Surprisingly, despite Sundays typically being the least active day of the week, the network recorded its largest growth surge in four months, marking a new milestone.
The sudden Increase in new wallet addresses It possibly suggests that more people are joining and interacting with the ethereum network, which could indicate the growing utility of the network. Santiment has interpreted this significant surge in growth as a sign of an imminent rally in the market. eth/ethereum-price-recovery-2360/” rel=”nofollow noopener” target=”_blank”>eth Price.
The market intelligence platform expects this increase ethereum/ethereums-plunge-could-be-over-this-key-pattern-signals/” rel=”nofollow noopener” target=”_blank”>Trigger a price rebound of the $2200 and $2300 range for eth. The price of eth is already slightly above this range, at $3314, however, with its recent surge in network growth, its value could see an even greater increase. ethereum/5000-ethereum-2016-price/” rel=”nofollow noopener” target=”_blank”>Upward momentum towards new highs.
The price outlook
Trader Tardigrade, a prominent cryptocurrency analyst, has x.com/tatrader_alan/status/1832424850985505144?s=46″ rel=”nofollow” target=”_blank”>identified A new pattern formation on the ethereum price chart. On the chart, the analyst highlighted a “double bottom” pattern, which has a unique “W” structure. This technical pattern is often considered a bullish indicatorand occurs when the price of a cryptocurrency hits a low point, bounces, and then falls back to around the same point before rising.
In the case of ethereum, the ethereum/ethereum–eth-triangle-formation-hints-at-a-double-bottom-breakout-and-new-ath/” rel=”nofollow noopener” target=”_blank”>Formation of a double bottom pattern It usually suggests that a downtrend may be ending. As a result, Trader Tardigrade believes that a price reversal could be on the verge of happening for the cryptocurrency. Over the past few months, the price of ethereum has been on the rise. ethereum/why-is-ethereum–eth-losing-ground-to-bitcoin-key-report-explains-eth-struggles/” rel=”nofollow noopener” target=”_blank”>downward trajectorycharacterized by strong volatility and price fluctuations that closely affect bitcoin/bitcoin–ethereum-price-crash/” rel=”nofollow noopener” target=”_blank”>Reflecting bitcoin market trends.
A market expert identified as 'crypto Rover' on x has x.com/rovercrc/status/1832330715242889336?s=46″ rel=”nofollow” target=”_blank”>revealed ethereum has fallen 3.59% so far this year. In addition, popular analyst Ali Martinez x.com/ali_charts/status/1832756809494376764?s=46″ rel=”nofollow” target=”_blank”>revealed that ethereum whales may have lost interest in the cryptocurrency, noting that they stopped accumulating eth in early July and have since moved on to selling or redistributing their holdings.
Despite this market trend, Trader Tardigrade says there is a high probability that a ethereum/ethereum-pump-send-to-6000/” rel=”nofollow noopener” target=”_blank”>Massive price increases ethereum price is set to skyrocket soon. Analyst suggests that this surge could push ethereum price to $3,900.
Featured image created with Dall.E, chart from Tradingview.com
