Ethereum

Momentum

<p><strong>Ethereum’s price rose above $1,800 yesterday, November 1st, aided by the largest single-day increase in new Ethereum addresses created since October 7th, <a href="https://x.com/santimentfeed/status/1719726289442267595?s=20" target="_blank" rel="noopener noreferrer nofollow">according</a> to data from Santiment. </strong></p>
<p>The creation of new addresses points to growing adoption and use of the Ethereum network.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="649" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-19-1024x649.png" alt="" class="wp-image-368152" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-19-1024x649.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-19-300x190.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-19-768x487.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-19-1536x974.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-19-2048x1299.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-19-237x150.png 237w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-19-100x63.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-19-552x350.png 552w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-19-788x499.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-19.png 1695w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>However, Ethereum’s momentum now appears to be slowing based on technical indicators. The MACD histogram bars are declining, suggesting weakening upside momentum. While the MACD line remains above the signal line in bullish territory and the RSI is holding above 55, indicating positive momentum, these indicators may be peaking.</p>
<p>Ethereum’s price is currently trading below $1,800 again around $1780 as of this writing on November 2nd, facing resistance at the $1,800 level. If bullish network growth and declining exchange supplies continue, Ethereum could justify breaking above $2,000 once again. But the slowing momentum suggests Ethereum may struggle to substantially break out above $1,800 in the short-term.</p>
<p>Key Takeaways:</p>
<ul>
 <li>Ethereum rose above $1,800 yesterday aided by largest increase in new addresses since October 7th</li>
 <li>Momentum is slowing based on declining MACD histogram bars</li>
 <li>ETH facing resistance currently below $1,800 after momentum peak</li>
 <li>Continued network growth and falling exchange supplies supportive of break above $2,000</li>
 <li>But slowing momentum suggests Ethereum may struggle to break $1,800 short-term</li>
</ul>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>74% of retail CFD accounts lose money.</strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/santiment-reported-bullish-ethereum-address-growth-but-theres-a-big-catch/" rel="noopener noreferrer nofollow">Santiment Reported Bullish Ethereum Address Growth, But There’s a Big Catch</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Santiment Reported Bullish Ethereum Address Growth, But There’s a Big Catch

Table of Contents

CaptainAltcoin

Other articles published on Nov 1, 2023

Turkey Prepares New Crypto Legislation in Bid to Get Off FATF “Grey List”

XRP Whale Moves $248 Millions Worth of Ripple Tokens, Is A Bullish Move Ahead?

DCG hires former impeachment counsel against Donald Trump to defend against NYAG suit

Ethereum Price Prediction: Analyst Reveals Where ETH Will Be By End of 2023

Bitcoin Thrives Despite China’s Ban, Now More “Green” and Globally Dispersed

Bletchley Park Gathers Minds for Global AI Summit with Elon Musk and Sam Altman

Join our free newsletter for daily crypto updates!