ETH

Ethereum Bullish Signal: Adoption Hits Four-Month High Rate

Published

1 week ago

September 10, 2024

On-chain data shows the Ethereum adoption rate has hit a four-month high, which could be bullish for the cryptocurrency’s price.

Ethereum Network Growth Has Shot Up Recently

According to data from the on-chain analytics firm Santiment, the ETH blockchain has recently created many wallets. The indicator of relevance here is the “Network Growth,” which keeps track of the total number of new addresses appearing on the network daily.

Naturally, an address is considered to have been used when it made its first transaction on the chain. The Network Growth counts the daily number of such addresses that are becoming active for the first time.

When the value of this metric is high, it means the users have just opened up a large amount of new addresses on the network. This could be because of new investors coming into the market or old ones who had left earlier returning to it.

The trend can also occur when existing users open fresh addresses for stronger privacy. In general, all of these would happen at once whenever the metric registers a spike, so some adoption could be assumed to be taking place on the net.

On the other hand, the low indicator implies that not many new addresses are being created on the network, a potential sign that interest in cryptocurrency is low.

Now, here is a chart that shows the trend in the Ethereum Network Growth over the last few months:

Ethereum Network Growth

As displayed in the above graph, the Ethereum Network Growth observed a sharp spike yesterday, as 126,210 new addresses appeared on the blockchain within 24 hours.

This latest value is the largest indicator observed in more than four months, suggesting that the asset attracts an extraordinary number of users.

Generally, adoption is bullish for any asset in the long term, as a wider user base can provide a stronger foundation for future price moves to grow. In the short term, though, spikes in the Network Growth can take the coin’s price in either direction.

The graph shows that spikes in the indicator coincided with some local tops in August. These spikes were a sign of FOMO around the price surges, and excessive hype has never been positive for any asset, which may be why the tops occurred.

This time around, however, the increase in the Network Growth has come as Ethereum has been going down instead. This surge in interest while the asset isn’t doing so well could potentially help fuel a rebound.

ETH Price

Ethereum has struggled recently, as its price is currently under the $2,280 mark.

Ethereum Price Chart

Source link

Analyst

Fractal Suggests Major Breakout In Q4

Published

14 hours ago

September 19, 2024

admin

Este artículo también está disponible en español.

Recent Ethereum price action saw ETH reaching another low of $2,150 on September 6, raising concerns of a more severe drop towards the $2,000 price level. Although these concerns were eased with a subsequent bounce to $2,460 on September 13, Ethereum remains largely in a downtrend, with a triple-bottom price formation now shaping up.

Interestingly, this triple bottom formation is not new for Ethereum. As technical analysis points out, the current price action seems to repeat a similar playout in mid-2021.

Ethereum Fractal Suggests Rally In Q4

According to a technical analysis by crypto analyst CryptoBullet on social media platform X, Ethereum is shaping up to form a triple bottom price formation on the 1D candlestick time frame. While the third bottom has yet to be fully completed, the analyst draws attention to a similar pattern that unfolded between June and August 2021.

During those three months, Ethereum’s price fluctuated up and down to create three distinct lows just above the $1,675 mark. After the third low was established, Ethereum experienced a significant bullish rally that propelled it to break through and establish its current all-time high. This upward movement became even more pronounced after a fractal pattern emerged in August 2021, signaling a strong momentum shift.

Recent market dynamics have prompted Ethereum to create two bottoms of around $2,150 in August and September. Interestingly, a recent rejection at the $2,450 resistance has seen Ethereum pushing on a decline. This has prompted analyst CryptoBullet to highlight the possibility of a third low in October, thereby completing the triple bottom formation.

Price formations in cryptocurrency markets are known to repeat over time, often following patterns that can help traders anticipate future movements. While no two market conditions are exactly the same, studying past price movements provides valuable insights into what may happen in the future. A similar playout of the 2021 price action puts on a similar surge for Ethereum in Q4 2024. Notably, the analyst envisioned a rally towards the $3,700 price level.

What’s Next For ETH?

At the time of writing, Ethereum is trading at $2,320 and continues to exhibit a weak short-term outlook. If Ethereum fails to clear the $2,340 resistance, it could start another decline towards $2,150.

This weak performance and outlook are even more pronounced compared with Bitcoin. As such, Ethereum/Bitcoin is now at its lowest level since April 2021, a staggering 41-month low. Most of this lackluster action has also been exacerbated by selloffs from a few large holders. For instance, Ethereum co-founder Vitalik Buterin recently came under scrutiny for selling $2.2 million worth of Ethereum.

Ethereum price chart from Tradingview.com — ETH price fails to hold support | Source: ETHUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Source link

Bitcoin

‘It’s Almost Over’ – Analyst Benjamin Cowen Predicts Ethereum Bottoming Out Against Bitcoin

Published

18 hours ago

September 18, 2024

admin

Popular crypto analyst Benjamin Cowen thinks Ethereum (ETH) is close to bottoming out against Bitcoin (BTC).

Cowen tells his 856,500 followers on the social media platform X that he thinks the ETH/BTC ratio will bottom out between 0.03-0.04 BTC and then trend up next year.

“It could bottom as early as this week or as late as December. Based on prior capitulations, I think it will happen sooner rather than later…

More people need to understand that ETH/BTC is not equivalent to ETH/USD. Last cycle, ETH/USD kept dropping even after ETH/BTC bottomed. But whenever ETH/BTC does find its cycle low, it should correspond with at least a temporary bounce for ETH/USD.”

Cowen compares the current ETH/BTC chart to the relationship between the top two crypto assets back in 2019.

“While ETH/BTC bottomed shortly after the 1st rate cut in 2019, ETH/USD trended down until [end of year].”

Cowen has been on target with ETH/BTC this year.

ETH is trading at $2,326 at time of writing. The second-ranked crypto asset by market cap is up more than 1.5% in the past 24 hours.

BTC is trading at $60,252 at time of writing. The top-ranked crypto asset by market cap is up more than 3% in the past day.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Source link

Altcoins

‘Run It Back’ – Crypto Analyst Predicts Massive Rallies for Ethereum and Solana, Says October Will Be ‘Lit’

Published

1 week ago

September 12, 2024

admin

A widely followed crypto strategist believes sharp recoveries are in store for Ethereum (ETH) and its competitor Solana (SOL).

Starting with the top smart contract protocol, pseudonymous analyst Kaleo tells his 647,300 followers on the social media platform X that his bearish scenario for Ethereum is no longer valid.

The trader shares a chart suggesting that ETH has already printed a local bottom and is now gearing up for big rallies.

“The yellow line is cursed.

The white line in this thread has been goated and will continue to be goated.

Run it back.”

Looking at the trader’s chart, he seems to predict that Ethereum will rally to $4,400. At time of writing, ETH is trading for $2,383.

As for Solana, Kaleo shares a chart suggesting that SOL is now en route to a new all-time high after holding support at $120.

“The white lines were and always have been the path. Run it back.”

Based on the trader’s chart, he seems to predict that SOL will rally to a new record level at around $400. At time of writing, SOL is worth $135.63.

Kaleo also says that Q4 will be incredibly bullish for crypto after witnessing an extended corrective period over the last six months or so.

“Uptober is gonna be lit. Upvember will be even better.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix