As a seasoned crypto investor with a knack for navigating the volatile waters of the digital asset market, I have learned to read between the lines and balance optimism with caution. The recent surge in new Ethereum wallets, as reported by Santiment, is indeed an encouraging sign of network utility growth and potential price increase. However, I am not entirely convinced that a bullish move is imminent based on the increased selling pressure suggested by the Ethereum netflow exchange data.
TL;DR
- Over 126,200 new Ethereum wallets were created on September 8, signaling rising network utility and potential price growth for ETH.
While some analysts predict a bullish move for the asset, increased exchange inflows suggest possible selling pressure and caution for bulls.
Ethereum’s Advancement
On September 8th, data from crypto analysis platform Santiment showed a significant surge in new Ethereum wallets, totaling approximately 126,200. The last time such a spike occurred was on May 5th.
The entity claimed that the resurgence is a signal of rising network utility and a precursor for “price bounces from the $2,000 – $2,300 level.” It is worth noting that the following day, ETH’s valuation crossed $2.3K and is currently trading at around $2,320 (per CoinGecko’s data).
Multiple experts endorse Santiment’s viewpoint that Ethereum’s price may soon experience a resurgence. Michael van de Poppe, with more than 700,000 followers on X, suggests that “bullish divergence remains valid” and “a higher low has been established.” This crypto advocate anticipates that the recent downtrend could reverse direction, potentially triggering a substantial market uplift.
Other analysts who have recently expressed optimism towards Ethereum (ETH) bulls are Yoddha and The Cryptomist. Last week, Yoddha stated that the second-largest cryptocurrency appears to be preparing for a significant move.
$ETH is cooking something big right now
This pullback to the demand area is very crucial. Bounce incoming?
— Yoddha (@CryptoYoddha) September 4, 2024
In response, The Cryptomist proposed a possible drop in the price of ETH down to approximately $2,330, followed by potential recovery and rise to around $3,000. It is worth noting that the value dipped significantly below that level during the past weekend.
Increased Selling Pressure
Despite the positive outlook expressed by the analysts earlier, there’s an indication that ETH might experience a downtrend soon. This clue comes from the Ethereum netflow exchange, as reported by CryptoQuant, which has been predominantly positive over the past week.
Such an action might signify a transition from individual storage methods to relying on centralized platforms, potentially leading to higher sell orders and further struggles for the bullish supporters.
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2024-09-09 19:20