Ethereum

Based

Read

<ul>
 <li>ETH accumulation has been increasing, suggesting a move toward $2,500.</li>
 <li>Market participants are not convinced that the coin is about to jump.</li>
</ul>
According to AMBCrypto’s evaluation of Santiment, active addresses on the <a href="https://ambcrypto.com/search/ethereum" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ethereum [ETH]</a> blockchain have been rising. As of 18th December, the 24-hour active addresses was 395,000.
But at press time, the metric has climbed to 512,000. Active addresses measure daily interaction and speculation around a token.
Therefore, the increase <a href="https://app.santiment.net/charts/TibSrK0E__sCl" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">suggests</a> that there are more market participants involved in ETH transfers. Like the active addresses, Ethereum’s on-chain volume also increased.
At the time of writing, the volume was 13.02 billion. The rise in active users and volume implies a surge in network activity on the blockchain
<div id="attachment_359873" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-08.51.59-21-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359873" decoding="async" class="wp-image-359873 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-08.51.59-21-Dec-2023.png" alt="Ethereum's volume and active addresses on the Ethereum blockchain" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-08.51.59-21-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-08.51.59-21-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-08.51.59-21-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-08.51.59-21-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-08.51.59-21-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-08.51.59-21-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: Santiment
</div>
<h4>ETH’ season to switch states</h4>
Also, this could be a bullish sign for ETH’s price. For a while, ETH has come under intense criticism for its inability to replicate <a href="https://ambcrypto.com/search/bitcoin" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin’s [BTC]</a> form. Likewise, ETH has also been unable to outperform many other altcoins.
However, this does not mean that ETH will not have its season.
One reason for this assertion is the number of new ETH wallets created. Based on Glassnode’s <a href="https://studio.glassnode.com/metrics?a=ETH&amp;category=&amp;m=addresses.NewNonZeroCount&amp;s=1690671600&amp;u=1703026799&amp;zoom=" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">data</a>, new addresses on Ethereum have been growing.
This indicates a surge in traction which could translate to a positive move for the price action. On a Year-To-Date (YTD) basis, ETH’s value has increased by 84.11%.
However, the cryptocurrency has been <a href="https://ambcrypto.com/what-ethereum-exchange-holdings-tell-you-about-its-price-predictions/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">stuck</a> between the $2,000 and $2,300 levels for some time. A look at the ETH/USD daily chart showed that a bullish thesis could soon be validated.
This was because of the Exponential Moving Average (EMA). At press time, the 20-day EMA (blue) had crossed over the 50-day EMA (yellow).
This position is bullish and could be termed a buy/long trend. So, traders may need to desist from opening short positions.
But the Awesome Oscillator (AO) revealed that ETH’s bullish season may not happen in a few days. At the same time, it may not be far away.
<div id="attachment_359885" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ETHUSD_2023-12-21_09-26-17.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359885" decoding="async" class="wp-image-359885 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ETHUSD_2023-12-21_09-26-17.png" alt="ETH price analysis" width="1143" height="721" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ETHUSD_2023-12-21_09-26-17.png 1143w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ETHUSD_2023-12-21_09-26-17-300x189.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ETHUSD_2023-12-21_09-26-17-1024x646.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ETHUSD_2023-12-21_09-26-17-768x484.png 768w" sizes="(max-width: 1143px) 100vw, 1143px"></a>
 Source: TradingView
</div>
<h4>$2,500 or nothing</h4>
At the time of writing, the AO had formed red bars. However, the red bars were decreasing in height, suggesting a weak bearish momentum.
Also, the increase in the Accumulation/Distribution (A/D) indicator means a move to $2,500 could be possible in the short to mid-term.
In the meantime, market participants are not all bullish on ETH. This was <a href="https://app.santiment.net/charts/DQrFobOG__sCl" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">indicated</a> by the Weighted Sentiment.
At press time, the Weighted Sentiment was -1.736. This negative reading is a confirmation of the bearish bias most market players have.
<div id="attachment_359887" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-09.42.29-21-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359887" decoding="async" class="wp-image-359887 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-09.42.29-21-Dec-2023.png" alt="ETH circulation and Ethereum Weighted Sentiment" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-09.42.29-21-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-09.42.29-21-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-09.42.29-21-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-09.42.29-21-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-09.42.29-21-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Ethereum-ETH-09.42.29-21-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: Santiment
</div>
Read <a href="https://ambcrypto.com/introducing-zoomex-world-trading-champion-with-a-2-million-prize-pool/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ethereum’s [ETH] Price Prediction</a> 2024-2025
Considering ETH’s circulation, on-chain data showed that it decreased to 242,000. This decrease implies that the number of ETH engaged in transactions has reduced compared to the hike on the 20th of December.
Price-wise, the drop in circulation suggests low selling pressure for ETH. So, it may be unlikely to see a nosedive in ETH’s value soon.

Ethereum: Why a price move to $2.5K is a good prediction

AMBCrypto

2023년 12월 21일에 게재된 다른 기사

Korean regulator monitors non-listed token amidst peer-to-peer trading surge

Ethereum Network Set for Upcoming Dencun Upgrade

NEOPIN Now Supports Arbitrum One

Deepfake Youtube Scam Involving Ripple CEO Brad Garlinghouse Uncovered by Redditors

Elon Musk's X Suffers Global Outage

US SEC Battle Against Terra and Do Kwon Takes a Turn with Judge Rakoff’s Decision

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!