Ethereum Price Prediction: Daily Active Addresses at 2-Year Peak – What Does This Mean for ETH’s Value?
Main Idea
Ethereum's daily active addresses have surged to a 2-year high, but technical indicators suggest a bearish short-term outlook for ETH's price.
Key Points
1. Ethereum daily active addresses reached 841,100, the highest since 2022, indicating increased user activity.
2. USDT transfer volume has recovered to $52.9 billion, but Ethereum's share of USDT transactions has declined, with Tron and BNB leading in volume.
3. ETH's price has broken below key support levels, with technical indicators like RSI at 28.97 (oversold) and a descending triangle pattern suggesting continued bearish momentum.
4. Critical price levels include resistance at $3,745 (50-period SMA) and potential downside targets at $3,428, $3,331, and $3,235 if the bearish trend persists.
5. Bitcoin Hyper ($HYPER) has raised over $6.2 million in its presale, aiming to combine Bitcoin's security with Solana's speed, with a full rollout expected by Q1 2025.
Description
Ethereum is back in the spotlight—not for the price, but for the activity. Ethereum daily active addresses have hit 841,100, the highest since 2022. This metric tracks how many unique addresses are involved in ETH transfers each day and is considered a proxy for user engagement on the network. The spike is a significant departure from the 600,000-range consolidation we’ve seen in recent months. While this is good for user interest, it doesn’t differentiate between buying and selling. Historicall...
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