Santiment, a leading blockchain intelligence firm, has shared a noteworthy achievement for Ethereum (ETH) in a recent tweet. The post reveals that Ethereum’s active deposits have reached an impressive 8-month high. This development has led Santiment to predict an upcoming surge in ETH’s volatility, akin to the spikes observed during the Merge and FTX collapse. As a professional observer of the crypto market, Santiment’s insights hold significant weight and are worth considering for investors and traders alike.
According to the latest report, the number of unique deposit addresses for ETH on exchanges has reached 9,193. This marks a significant milestone, the highest recorded figure since 15 September 2022.
According to the latest update from CoinMarketCap, Ethereum (ETH) has declined its price over the past 24 hours. The current trading value of ETH stands at $1,900.06, reflecting a drop in its market value. ETH has also experienced a slight dip of 0.14% against the dominant cryptocurrency, Bitcoin (BTC), during the same period.
In addition to the unfavorable price trend, Ethereum’s 24-hour trading activity has also experienced a decline of 21.63%. As a result, the total trading volume has dwindled to around $6.77 billion.
The cryptocurrency ETH is pushing to surpass the $1,900 resistance level, which has been hovering just below for the past three days. Encouragingly, the daily Relative Strength Index (RSI) has signaled a bullish trend at the time of writing, with the RSI line positioned above the RSI Simple Moving Average (SMA) line. These positive indicators suggest that ETH may be poised for a breakthrough shortly.
The daily Relative Strength Index (RSI) also exhibited a good upward slope towards the overbought region. This indication implies that the value of ETH may surpass the $1,900 mark within the next 24-48 hours.
If ETH’s price fails to surpass the $1,900 threshold today, the altcoin will likely experience stagnant price movement for the next 24-48 hours. Subsequently, there may be a drop in price towards the nearest support level of $1,790. Conversely, if ETH manages to close above $1,900 today, we expect a bullish trend that could drive the price to $2,030.
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.
