Ethereum Shows Potential for Price Increase Amid High Network Activity
Ethereum: An Increase in Network Activity Could Drive Up the Price
Ethereum, the queen of altcoins, has recently exhibited high volatility and average intraday price changes. This could indicate an impending price increase.
Ethereum at the Forefront
According to data from IntoTheBlock, the Ethereum ecosystem has been very active in terms of price and other related aspects, surpassing other cryptocurrencies. This could suggest a price increase in the coming days. According to CoinMarketCap, the price of ETH has risen by over 12% in the last 30 days.
Ethereum Network Activity
In addition to Ethereum’s high price activity, its network activity was also analyzed. An evaluation of the data from Artemis showed that both the daily active addresses of Ethereum and the daily number of transactions were relatively high in the last 30 days. There was also an upward trend in ETH fees, indicating positive value development. However, a negative aspect was the decline in TVL (Total Value Locked).
Will the Price of ETH Continue to Rise?
Although the value of ETH has risen by double digits in the last month and network activity remained high, the daily chart turned red. Ethereum dropped by more than 2% in the last 24 hours. At the time of writing this article, the price of ETH was $2,477.74 with a market capitalization of over $297 billion.
An analysis of the data from Santiment showed that investors are putting buying pressure on the token. This was evident in the decline of Ethereum supply on exchanges and the increase in supply outside of exchanges. In addition, whales also appeared confident in ETH, as the supply held by top addresses has increased in the last week.
Ethereum’s [ETH] Price Forecast 2024-25
Given the high ecosystem activity and buying pressure, a price increase in the coming days cannot be ruled out. Therefore, ETH’s liquidation heatmap was analyzed to see the upcoming resistance levels. Our analysis revealed that ETH would experience strong resistance near the $2,600 mark. If it manages to rise above this level, it would encounter resistance again between $2,770 and $2,800.
Sources: IntoTheBlock, CoinMarketCap, Artemis, Santiment, Hyblock Capital
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