Ethereum

Flow

Fuel

bullish

Million

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Ethereum’s price increased by 14.5% over the past week.</li>
 <li>The number of active Ethereum addresses has reached 5 million, indicating increased buyer activity.</li>
</ul>
<p>Over the past week, the price of <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> (ETH) has seen a significant rise, with a 14.5% increase.</p>
<p>On the 16th of September, the cryptocurrency’s value was at a weekly low of $2,251, but it has since climbed to a trading price of $2,641.</p>
<h2 id="driving-factors-behind-the-surge">Driving Factors Behind the Surge</h2>
<p>In contrast to the previous month’s downward trend, Ethereum’s recent uptick has sparked discussions among analysts about the sustainability of this recovery and the factors propelling it.</p>
<p>The current surge is believed to be due to a rise in active buyers.</p>
<h2 id="market-sentiment-and-analysis">Market Sentiment and Analysis</h2>
<p>ChainStatsPro’s analysis points to an increase in active buyers and spot limits bids as key factors.</p>
<p>The future markets for Ethereum continue to see liquidation hunts, while spot-limit bids are being filled.</p>
<p>This indicates that active buyers are purchasing ETH at current market rates, suggesting a rise in demand.</p>
<p>Traders are positioning themselves to buy when Ethereum drops to $2400 and sell if it reaches $2790, which implies heightened market activity.</p>
<p>Further evidence of this increased activity is the rise in active addresses over the past week, which has hit the 5 million mark according to IntoTheblock.</p>
<p>A rise in active addresses usually leads to higher prices and is considered a bullish market sentiment.</p>
<h2 id="ethereum-charts-and-indicators">Ethereum Charts and Indicators</h2>
<p>ChainStatsPro has observed an increase in Ethereum’s transaction activity over the past week, contributing to the cryptocurrency’s sustained upward momentum.</p>
<p>The increased buying pressure has been supported by a positive Chaikin Money Flow (CMF) with Ethereum’s CMF currently at 0.28, indicating active accumulation of the asset.</p>
<p>Moreover, Ethereum’s OI-weighted funding rate has been positive, suggesting increased demand for long positions.</p>
<p>These factors indicate a rise in active Ethereum buyers and a positive market sentiment, positioning the altcoin for potential further gains.</p>
<p>If the current conditions persist, Ethereum may attempt to break the $2800 resistance level in the short term.</p>

Ethereum Soars: 5 Million Active Users Fuel 14.5% Weekly Increase

Table of Contents

CoinEagle.com

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