Key Ethereum Metric Hits 4-Month High: Will ETH Price Rise Soon?

Summary

• On September 8, more than 126,200 new ethereum wallets were created, indicating increasing network utility and potential eth price growth.
• While some analysts are predicting an upward move for the asset, rising forex inflows suggest possible selling pressure and caution for the bulls.

ethereum's Advancement

Santiment Cryptocurrency Analysis Platform x.com/santimentfeed/status/1833004546215530860″ target=”_blank” rel=”noopener” data-wpel-link=”external”>revealed that more than 126,200 ethereum wallets were created on September 8. The last time the number increased this much was on May 5.

The entity stated that the resurgence It is a sign of The growing utility of the network and a precursor to “price rebounds from the $2,000 – $2,300 level.” It is worth noting that the next day, eth’s valuation surpassed $2,300 and is currently trading around $2,320 (according to CoinGecko data).

Several analysts support Santiment's thesis that ethereum's price could be on the verge of a recovery. Michael van de Poppe (an x user with over 700,000 followers) x.com/CryptoMichNL/status/1833082929381261403″ target=”_blank” rel=”noopener” data-wpel-link=”external”>think

Other analysts who recently provided Good morning forward eth bulls include Yoddha and The Cryptomist. Last week, the former claimed that the second-largest cryptocurrency is “cooking up something big right now.”

<blockquote class="twitter-tweet”>

twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$Ether Is something big cooking right now?

This pullback into the demand zone is very crucial. Is a bounce coming? image.twitter.com/IfeaJt0RRC

-Yoddha (@CryptoYoddha) twitter.com/CryptoYoddha/status/1831261004698894766?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>September 4, 2024

For his part, The Cryptomist x.com/Thecryptomist/status/1831180755902283954″ target=”_blank” rel=”noopener” data-wpel-link=”external”>suggested that eth could fall to around $2,330 before climbing up to $3,000. Recall that the price fell well below that mark over the weekend.

Increasing sales pressure

Contrary to the optimism shared by the the aforementioned analystsone important factor eth/chart/exchange-flows/exchange-netflow-total?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=column” target=”_blank” rel=”noopener” data-wpel-link=”external”>tracks that eth could be heading for a fresh pullback soon. This is the ethereum NetFlow exchange, which, according to CryptoQuant, was predominantly positive over the past week.

This move suggests a shift from self-custody methods to centralized exchanges, which could signal increased selling pressure and more pain for bulls.

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