- Ethereum active addresses up 36%, signaling organic demand and solid network activity.
- Breaking $4,100 resistance could propel ETH towards its all-time high of $4,891.
As a seasoned researcher who has closely observed the cryptocurrency market for years, I can confidently say that Ethereum’s recent surge is more than just a temporary fad. The 70% price increase post-US elections and the subsequent consolidation phase at $4,000 suggest a strong foundation for further growth.
Earlier this month, the value of Ethereum [ETH] significantly increased and almost reached $4,000 before entering a period of stabilization. Although its price has recently shown some signs of slowing down, analysts are still hopeful because they believe that Ethereum’s bullish trend is far from ending based on positive indicators.
After the U.S. elections held on November 5th, there’s been an impressive 70% surge in the value of Ether (ETH), driven primarily by genuine market interest. This can be seen clearly through a substantial uptick in the number of active ETH addresses.
This surge, driven by real network activity, suggests that Ethereum’s rally could be sustainable, with the potential for continued growth in the months ahead.
Ethereum price action post-US elections: A deep dive
After the U.S. elections, Ethereum’s price path has been remarkably dynamic, experiencing a significant surge of approximately 70% since November 5th.
As an analyst, I’ve observed a significant change in market dynamics following the surge above the $3,500 resistance level. This movement appears to be driven by a combination of heightened institutional involvement and a resurgence in DeFi activity.
This shows strong buyer interest, not merely speculative hype. Furthermore, the RSI remains below overbought territory, suggesting room for continued upside.
Experts link this surge primarily to Ethereum’s leadership in multi-layer scaling technologies and its expanding function in supporting decentralized apps.
Surge in ETH active addresses
Since the elections on November 5th, there’s been a significant surge in network activity for Ethereum as the number of active addresses has risen by approximately 36%, reaching around 417,000.
I’ve noticed that this recent surge in the market isn’t just driven by speculation, but it reflects genuine demand. This suggests a “robust and long-term” growth trajectory, as analyzed by Burak Kesmeci from CryptoQuant, implying that I, as an investor, am confidently participating in a sound and enduring rally.
A rise in the number of active addresses suggests growing investor curiosity and wider blockchain adoption. This indicator, frequently seen as a stand-in for genuine network activity, supports the idea that Ethereum’s recent surge is rooted in robust foundations.
Experts believe that this growth might indicate a persistent climb higher, given Ethereum’s increasing influence within DeFi and NFT sectors. This strengthens its status as the foremost alternative coin within a dynamic and changing crypto market environment.
Ethereum’s $4,000 consolidation: Bullish or bearish?
The period where Ethereum is stable around $4,000 brings forth a blend of opinions about its future direction. On one hand, certain analysts predict a possible drop, but on the other, Kesmeci maintains an upbeat outlook, pointing to robust underlying strengths as his reasoning.
As he explains, if Ethereum manages to surpass the $4,100 barrier, it could potentially reach its record peak of $4,891. Several important signs, like an increase in active users and continuous growth in trading volume, hint that the positive trend is continuing strongly.
Nevertheless, the $4,100 mark might act as a mental hurdle for investors. Additionally, analysts point out that outside elements such as economic trends and regulatory changes could potentially impact Ethereum’s course.
Long-term investors continue to find profit in Ethereum, as its value has risen by more than 39% in the last month, making it a key component driving the surge in alternative cryptocurrencies.
Read Ethereum’s [ETH] Price Prediction 2024–2025
It’s clear that Ethereum is experiencing increased acceptance among institutions, as evidenced by the surge in investments into spot ETFs, totaling a collective net inflow of approximately $1.41 billion so far.
The inflow of funds coincides with Ethereum’s recent surge, intensifying optimistic feelings towards this cryptocurrency.
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2024-12-09 14:16