- Ethereum experiences notable surge of over 4.9% against Bitcoin.
- Ethereum reaches milestone of 450K addresses, highest observed on network.
- Ethereum’s trading volume increases by 20.20%, ranking third among cryptocurrencies.
Santiment, a prominent blockchain intelligence firm, reported to Twitter this morning that Ethereum (ETH) has experienced a notable surge of over 4.9% against Bitcoin (BTC) in the past month. The firm attributes this price gain to the resurgence in Ethereum’s network growth, which has played a pivotal role in bolstering the value of this altcoin.
According to the tweet, Ethereum witnessed a surge in its address count, reaching a notable milestone of 450K addresses within two weeks. This figure represents the highest number of addresses observed on the Ethereum network during this period. Additionally, it is worth noting that towards the end of the previous month, a substantial influx of 80K new addresses was observed, further highlighting the growing interest and adoption of Ethereum.
As of the latest update, Ethereum (ETH) was observed trading at $1,828.24, reflecting a decline of 1.93% over the past 24 hours, as reported by CoinMarketCap. This downward movement in daily performance also resulted in a weekly dip of -1.29% for ETH. Bitcoin (BTC) encountered a similar fate in recent trading sessions, albeit with a slightly lesser drop of 1.66%. Nevertheless, BTC managed to outperform ETH in terms of price movement.
Despite experiencing a loss, ETH’s 24-hour trading volume significantly increased. The cryptocurrency’s total volume is $5,531,723,800, marking a notable surge of 20.20% compared to the previous daily cycle. It is worth mentioning that ETH’s trading volume ranks third among all cryptocurrencies in the market.
From a technical standpoint, Ethereum (ETH) experienced a decline below the critical support level of $1,850 within 24 hours. Should the altcoin fail to surpass this significant support level by the end of today’s trading session, it may retest the subsequent support level at $1,790 within the next 24-48 hours. Furthermore, if selling pressure persists, it could drive the cryptocurrency’s price to $1,750.
However, should ETH surpass the $1,850 mark by the end of today’s trading session, it could potentially strive to overcome the subsequent significant resistance level at $1,890 within the next few days. Traders must be aware of the potential activation of a medium-term bearish technical flag, as it poses a risk to the current market conditions.
As of the current press time, the 20-day Exponential Moving Average (EMA) line is on the verge of crossing below the 50-day EMA line. If this crossover occurs, it would indicate a shift in market sentiment favoring sellers, potentially influencing the market for the next few weeks. Consequently, this could undermine the previously optimistic outlook and further decline the price of ETH in the upcoming week.
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.
