ETH

Ethereum Bullish Signal: Adoption Hits Four-Month High Rate

Published

3 months 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

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Altcoins

Trader Predicts ‘God Candle’ Breakout for Ethereum, Says New All-Time High Loading for One Memecoin

Published

5 days ago

December 19, 2024

admin

A popular crypto analyst thinks that Ethereum (ETH) is on the verge of printing a massive breakout rally also known as a god candle.

Pseudonymous analyst Inmortal tells his 221,100 followers on the social media platform X that Ethereum’s two-hour chart looks similar to Bitcoin’s (BTC) price action over the last two weeks.

The analyst says that while Ethereum struggles to clear resistance at $4,000, he notes that BTC also had trouble breaching $100,000 for weeks before surging to new all-time highs.

“Same price action, but with one difference.

God candle after the breakout.

ETH.”

Based on the trader’s chart, he seems to predict that ETH will surge close to its all-time high of $4,800 after the breakout. At time of writing, ETH is worth $3,892.

The trader also has his radar locked on the memecoin Floki (FLOKI). According to the trader, FLOKI appears to be trading in a symmetrical triangle pattern and is gearing up to shatter the structure’s diagonal resistance en route to new record highs.

“Second leg up – loading.
New ATH – loading.
Price discovery – loading.

FLOKI.”

Based on the trader’s chart, he seems to predict that FLOKI will explode to a new all-time high of $0.00038. At time of writing, FLOKI is worth $0.000219.

Looking at Solana (SOL), the trader sees the Ethereum rival bursting above its diagonal resistance to rally toward $300.

“Something like this.

SOL.”

At time of writing, SOL is worth $222.60.

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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.

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Bitcoin

Analyst Says It’s Time for New Ethereum All-Time High, Sees Bitcoin Going ‘Full Santa Claus Mode’

Published

5 days ago

December 18, 2024

admin

A closely followed crypto trader believes that conditions are nearly ripe for Ethereum (ETH) to witness a surge to fresh record highs.

Crypto strategist Justin Bennett tells his 115,400 followers on the social media platform X that it’s only a matter of time before Ethereum fully reclaims resistance at $4,000 as support.

According to Bennett, Bitcoin has been on a grind-up this month and traders will eventually rotate some of their BTC profits to ETH to capture more upside potential.

“ETH has struggled at $4,000 for obvious technical reasons, and BTC has stolen the show so far in December.

But I’m betting we will see some of those Bitcoin profits flow into Ethereum soon.

If ETH can clear $4,000-$4,100, there isn’t much stopping a sprint to $4,800 and potentially mid $5,000 to complete this channel.

Time for a new Ethereum ATH (all-time high).”

At time of writing, Ethereum is trading for $3,873.

For the rest of December, Bennett thinks that the two largest crypto assets by market cap will outperform the rest of the digital asset market.

“Focusing on BTC and ETH for the next two weeks makes the most sense, IMO (in my opinion).

Alts will have their time again, but probably not before we see some crazy bullish moves from Bitcoin and Ethereum through the end of the year.”

Looking at Bitcoin itself, the trader says that BTC is in the midst of a Christmas rally, and he expects the crypto king to shatter its diagonal resistance en route to new all-time highs.

“Bitcoin going full Santa Claus mode.

Pullbacks might be hard to come by through the end of the year, especially with the speculation of BTC becoming a US reserve asset under Trump.

Wouldn’t be surprised to see $116,000 or even $125,000 through the end of December.”

At time of writing, Bitcoin is trading for $106,339.

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ETH

Ethereum Price Falls Short Above $4,000: Will Bulls Try Again?

Published

6 days ago

December 18, 2024

admin

Este artículo también está disponible en español.

Ethereum price failed to settle above the $4,000 zone. ETH is correcting gains and might struggle to stay above the $3,820 support zone.

Ethereum started a downside correction from the $4,100 zone.
The price is trading below $3,980 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support at $3,940 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it fails to stay above the $2,820 support zone.

Ethereum Price Fails Again

Ethereum price struggled to stay above the $4,000 level and underperformed Bitcoin. ETH started a fresh decline and traded below the $4,000 support zone.

There was a move below the $3,980 and $3,940 support levels. Besides, there was a break below a key bullish trend line with support at $3,940 on the hourly chart of ETH/USD. The pair even dipped below the $3,850 level. A low was formed at $3,837 and the price is now consolidating losses.

Ethereum price is now trading below $3,920 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,900 level. It is close to the 23.6% Fib retracement level of the downward move from the $4,107 swing high to the $3,837 low.

The first major resistance is near the $3,970 level or the 50% Fib retracement level of the downward move from the $4,107 swing high to the $3,837 low.

The main resistance is now forming near $4,000. A clear move above the $4,000 resistance might send the price toward the $4,120 resistance. An upside break above the $4,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,250 resistance zone or even $4,320.

More Losses In ETH?

If Ethereum fails to clear the $3,900 resistance, it could continue to move down. Initial support on the downside is near the $3,820 level. The first major support sits near the $3,780 zone.

A clear move below the $3,780 support might push the price toward the $3,650 support. Any more losses might send the price toward the $3,550 support level in the near term. The next key support sits at $3,500.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,820

Major Resistance Level – $3,970

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