CoinMarketCap: Read what our contributors have to say. This content is provided by the community. DYOR!
Important Ethereum Metric Hits a 4-Month High: ETH Price Rally Soon?
Table of Contents
Market Musing-g

Important Ethereum Metric Hits a 4-Month High: ETH Price Rally Soon?

CryptoPotato_News
By CryptoPotato_News
4 months ago
3 mins read
Important Ethereum Metric Hits a 4-Month High: ETH Price Rally Soon?

TL;DR

  • Over 126,200 new Ethereum wallets were created on September 8, signaling rising network utility and potential price growth for ETH.
  • While some analysts predict a bullish move for the asset, increased exchange inflows suggest possible selling pressure and caution for bulls.

Ethereum’s Advancement

Crypto analytics platform Santiment revealed that over 126,200 Ethereum wallets were created on September 8. The last time the figure jumped so high was on May 5.
The entity claimed that the resurgence is a signal of rising network utility and a precursor for “price bounces from the $2,000 – $2,300 level.” It is worth noting that the following day, ETH’s valuation crossed $2.3K and is currently trading at around $2,320 (per CoinGecko’s data).
ETH Price, Source: CoinGecko
Several analysts support Santiment’s thesis that Ethereum’s price could be on the verge of a revival. Michael van de Poppe (an X user with over 700,000 followers) thinks a “bullish divergence is still valid, and a higher low has been made.” The crypto enthusiast assumed that the downtrend observed in the past months might be broken to the upside, describing the potential move as “a significant push for the entire market.”
Other analysts who recently predicted good days ahead for ETH bulls include Yoddha and The Cryptomist. Last week, the former claimed that the second-largest cryptocurrency “is cooking something big right now.”

For their part, The Cryptomist suggested that ETH could tumble to around $2,330 before heading north to as high as $3,000. Recall that the price plunged way below that mark over the weekend.

Increased Selling Pressure

Contrary to the optimism shared by the aforementioned analysts, one important factor hints that ETH could be headed for a further pullback soon. This is the Ethereum netflow exchange, which, according to CryptoQuant, was predominantly positive in the past week.
ETH Exchange Netflow, Source: CryptoQuant

Such a move suggests a shift from self-custody methods toward centralized exchanges, which could indicate increased selling pressure and more pain for the bulls.

0 likes
|

Other articles published on Sep 9, 2024

Market Musing-g

Haru Invest CEO Stabbed During Court Hearing in South Korea

The incident occurred in Courtroom No. 306, leading to significant bleeding and the immediate arrest of the assailant.
By BSCN
4 months ago
2 mins read
Market Musing-g

Analysts Forecast Bitcoin’s Imminent Rise

Bitcoin‘s price continues to experience volatility, and investors remain cautious about the timing of the next rally. September’s historical trend of declines for BTC has added to the market’s unce...
By BH NEWS
4 months ago
3 mins read
Market Musing-g

Digital Asset Investment Products See Largest Outflows Since March

Digital asset investment products saw outflows of $72 million, matching the largest outflows recorded this year.
By Coincu
4 months ago
4 mins read
Market Musing-g

Trump Warns of Fallout if BRICS Abandons the US Dollar – What This Means for Crypto-Friendly Coun...

US presidential candidate Donald Trump threatens BRICS and countries that want to move away from the dollar with a 100% tariff. According to an expert, this could be a lose-lose situation for the U...
By Crypto News Flash
4 months ago
1 min read
Market Musing-g

Bitcoin Mining Transforms Wasted Renewable Energy into Value

A subsidiary of the Tokyo Electric Power Company (TEPCO) is exploring an innovative approach to reduce renewable energy waste by engaging in Bitcoin mining. Agile Energy X, a TEPCO subsidiary based...
By UNLOCK_ENG
4 months ago
3 mins read
Trading

Aviator SkyBridge Testnet Guide

By Aviator Community
4 months ago
7 mins read

Join the thousands already learning crypto!

Join our free newsletter for daily crypto updates!