Bitrabo Editorial
Amid widespread declines in many cryptocurrencies due to overall market fluctuations, the Ethereum (ETH) network is witnessing a remarkable surge, reaching its peak in four months. This surge has ignited speculation regarding a potential enduring rise in prices.
Ethereum Network Experiences Rapid Growth
On September 9, Santiment, a leading market intelligence entity, shared insights on an encouraging uptick within the Ethereum network in a post on X (formerly Twitter) here. Recent statistics from Sanbase Pro indicate a significant increase in network growth, hinting at revitalized activity and possible bullish trends in the cryptocurrency’s market.
Using a comprehensive chart that illustrated ETH’s price changes alongside network expansion over recent months, Santiment reported that the creation of new wallets on the Ethereum network has surged dramatically. Typically, this growth is gauged by the number of new addresses established.
On September 8, around 126,210 new wallets were added to the Ethereum network. Notably, this growth surge occurred on a Sunday, usually a quiet day for activity, marking the highest network growth in four months.
This increase in wallet addresses might suggest a rising engagement with the Ethereum network, indicative of its growing utility. Santiment regards this major growth as a precursor to a potential price rally for ETH.
The market intelligence firm projects this surge could initiate a price rebound within the $2,200 to $2,300 range for ETH. Currently, ETH is slightly above this range at $3,314, but with the recent growth in network activity, it may reach new heights.
Price Predictions
Crypto analyst Trader Tardigrade has noted a newly forming pattern in Ethereum’s pricing chart. He identifies a “double bottom” structure, shaped like a “W,” which is a bullish signal that often appears when an asset reaches a low point, bounces, drops again around the same level, and then rises.
This double-bottom indication for Ethereum implies that an ongoing downtrend might be concluding. As a result, Trader Tardigrade anticipates a possible reversal in price trends. Recently, Ethereum’s price has been decreasing, marked by sharp swings in response to Bitcoin market trends.
Market analyst ‘Crypto Rover’ on X pointed out that Ethereum has declined 3.59% year-to-date. Additionally, well-known analyst Ali Martinez suggested that interest from Ethereum whales seems to have waned, as they began selling off ETH in early July rather than accumulating it.
However, Trader Tardigrade maintains optimism, suggesting a significant price increase could be on the horizon, potentially driving Ethereum’s price to $3,900.