Ethereum (ETH) Records Surge In Active Addresses – Incoming Price Rebound?

Share This Post

Ethereum (ETH) is currently down by 0.75% as its price continues a range-bound movement seen all week. However, in its monthly timeframe, the most prominent altcoin displays a concerning performance with a reported loss of 6.40% according to data from CoinMarketCap

However, popular crypto analyst Ali Martinez has picked up a notable development on the Ethereum network which could spell good fortunes for price action in the coming days.

Ethereum Active Addresses Soar To 3-Month High At 617,170

In an X post on June 22, Martinez reported a significant spike in the active addresses on the Ethereum blockchain. Using data from blockchain analytics company Santiment, the crypto analyst noted there were 617,170 active Ethereum users on June 21, marking the highest value for this metric in the past three months.

This development has sparked much speculation in the Ethereum community as a rise in active addresses often signifies an increase in network activity which is quite important following Ethereum’s overall negative performance in the last month. 

In theory, this is a positive omen for ETH’s price as higher activity corresponds with a rise in user transactions thus driving higher demand for the cryptocurrency and ultimately producing a price rebound. Many Ethereum enthusiasts would likely hope that this turns out to be the case when the altcoin breaks out of its current condition between $3,400 and 3,600.

ETH Propped For Major Rebound 

In other news, another crypto analyst Michaël Van De Poppe has also added to Ethereum’s chances of staging market recovery. Using the ETH/BTC price chart, van De Poppe stated that as long as ETH trades above the 0.05 price mark, the token’s downtrend is set to undergo a reversal soon. 

Currently, ETH trades around $3,504.42 with a 1.56% decline in the past week. Notably, the token’s daily volume is down by a staggering 52.93%, presently valued at $7.50 billion.

If the bulls are able to mount massive pressure forcing an upward breakout, ETH may return to the $4,000 last seen in March. However, if the bears retain market control, Ethereum could fall as low as $3000, representing a potential 14% decline from its current price.

It’s worth stating that all predictions are merely speculations and offer no guarantee. Investors are admonished to conduct proper research before buying any asset.

Ethereum

ETH trading at $3,511 on the daily chart | Source: ETHUSDT chart on Tradingview.comFeatured image from, chart from Tradingview

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Ethereum Price Prediction 2025, 2026 – 2030: Can ETH Price Hit $5k?

The post Ethereum Price Prediction 2025, 2026 – 2030: Can ETH Price Hit $5k appeared first on Coinpedia Fintech News Story Highlights The Ethereum price today is ETH price with a potential

Mubarak Meme Coin Skyrockets 200% in 48 Hours: Is This Rally Sustainable?

The post Mubarak Meme Coin Skyrockets 200% in 48 Hours: Is This Rally Sustainable appeared first on Coinpedia Fintech News MUBARAK coin has taken the crypto market by storm, skyrocketing 200% in just

Breaking: XRP, Polygon, and Cardano Selected for Skyren DAO’s Token Surge Event – Staking Rewards Up to 210% APY

The post Breaking: XRP, Polygon, and Cardano Selected for Skyren DAO’s Token Surge Event – Staking Rewards Up to 210% APY appeared first on Coinpedia Fintech News The DeFi world just got a major

Crypto.com influence stirs controversy in Cronos token burn reversal

The Cronos community has approved a controversial decision to restore 70 billion CRO tokens permanently burned in 2021 The proposal, largely influenced by Cryptocom, passed after securing 6218% of

Best Meme Coins Set to Surge as SEC Loosens Crypto Investment Rules

In a move that could send ripples through the crypto world, the US Securities and Exchange Commission (SEC) is reconsidering a stringent crypto custody rule from the previous administration  This

Sui Price Analysis: Is a Bullish Rebound Ahead or More Downside Coming?

The post Sui Price Analysis: Is a Bullish Rebound Ahead or More Downside Coming appeared first on Coinpedia Fintech News Sui (SUI) price has been trapped in a correction mode since the beginning of