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.
#Ethereum just saw its largest spike in active $ETH addresses in three months, reaching a total of 617,170 active #ETH addresses. pic.twitter.com/CSqBOnQhEr
— Ali (@ali_charts) June 22, 2024
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.
ETH trading at $3,511 on the daily chart | Source: ETHUSDT chart on Tradingview.comFeatured image from, chart from Tradingview
