Santiment, the esteemed blockchain analytics firm, took to Twitter to announce a groundbreaking achievement for Ethereum (ETH) earlier today. The post revealed that the network had reached a new pinnacle, with the highest number of exchange addresses interacting since November 2020. Furthermore, the firm’s astute analysis suggests that ETH is exhibiting promising indications of surpassing the $2K mark shortly.
Building on Santiment’s previous post, it’s worth noting that Ethereum’s active deposits have surged to an impressive 8-month high. As anticipated, this uptick in activity has also led to an increase in ETH’s volatility. These developments testify to the growing interest and engagement in the Ethereum ecosystem.
As of the time of publication, CoinMarketCap reports that the value of ETH has reached $1,939.38, marking a 2.20% increase within the last 24 hours. This impressive gain has also resulted in a positive shift in the altcoin’s weekly performance, which now stands at +2.03%.
Over the last 24 hours, the trading volume for the cryptocurrency has experienced a significant surge. As of press time, ETH’s daily trading volume has reached an impressive $10,396,326,975, marking a remarkable 53.38% increase. Notably, ETH has also outperformed the market leader Bitcoin (BTC), by 1.51% during the same period. These figures demonstrate ETH’s growing popularity and strength in the cryptocurrency market.
ETH’s price was able to break above the key resistance level at $1,960, where it continued to trade at press time. Today is a crucial day for the crypto as a close above this level will ultimately result in ETH breaking $2K in the following 24-48 hours.
The recent bullish cross between the 9-day and 20-day EMA lines supports this bullish thesis. On the other hand, failure to close above $1,960 today will result in ETH’s price dropping to $1,800 in the next 24-48 hours.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
