{"id":4934,"date":"2024-09-09T16:10:13","date_gmt":"2024-09-09T16:10:13","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=4934"},"modified":"2024-09-09T16:10:13","modified_gmt":"2024-09-09T16:10:13","slug":"important-ethereum-metric-hits-a-4-month-high-eth-price-rally-soon","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=4934","title":{"rendered":"Important Ethereum Metric Hits a 4-Month High: ETH Price Rally Soon?"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Over 126,200 new Ethereum wallets were created on September 8, signaling rising network utility and potential price growth for ETH.
\nWhile some analysts predict a bullish move for the asset, increased exchange inflows suggest possible selling pressure and caution for bulls.<\/p>\n

<\/a><\/p>\n

Ethereum\u2019s Advancement<\/h2>\n

Crypto analytics platform Santiment <\/span>revealed<\/span><\/a> that over 126,200 Ethereum wallets were created on September 8. The last time the figure jumped so high was on May 5.<\/span><\/p>\n

The entity claimed that the resurgence <\/span>is a signal of<\/span> rising network utility and a precursor for \u201cprice bounces from the $2,000 \u2013 $2,300 level.\u201d It is worth noting that the following day, ETH\u2019s valuation crossed $2.3K and is currently trading at around $2,320 (per CoinGecko\u2019s data).<\/span><\/p>\n

<\/a>ETH Price, Source: CoinGecko<\/p>\n

Several analysts support Santiment\u2019s thesis that Ethereum\u2019s price could be on the verge of a revival. Michael van de Poppe (an X user with over 700,000 followers) <\/span>thinks<\/span><\/a> a \u201cbullish divergence is still valid, and a higher low has <\/span>been made<\/span>.\u201d The crypto enthusiast assumed that the downtrend observed in the past months might be broken to the upside, describing the potential move as \u201ca significant push for the entire market.\u201d<\/span><\/p>\n

Other analysts who recently <\/span>predicted<\/span><\/a> good days <\/span>ahead<\/span> for ETH bulls include Yoddha and The Cryptomist. Last week, the former claimed that the second-largest cryptocurrency \u201cis cooking something big right now.\u201d<\/span><\/p>\n

$ETH<\/a> is cooking something big right now<\/p>\n

This pullback to the demand area is very crucial. Bounce incoming? pic.twitter.com\/IfeaJt0RRC<\/a><\/p>\n

\u2014 Yoddha (@CryptoYoddha) September 4, 2024<\/a><\/p>\n\n

For their part, The Cryptomist <\/span>suggested<\/span><\/a> that ETH could tumble to around $2,330 before heading north to as high as $3,000. Recall that the price plunged way below that mark over the weekend.<\/span><\/p>\n

Increased Selling Pressure<\/span><\/h2>\n

Contrary to the optimism shared by the <\/span>aforementioned analysts<\/span>, one <\/span>important<\/span> factor <\/span>hints<\/span><\/a> that ETH could be headed for a further pullback soon. <\/span>This<\/span> is the Ethereum netflow exchange, which, according to CryptoQuant, was predominantly positive in the past week.
\n<\/span><\/p>\n

<\/a>ETH Exchange Netflow, Source: CryptoQuant<\/p>\n

Such a move suggests a shift from self-custody methods toward centralized exchanges, which could indicate increased selling pressure and more pain for the bulls.<\/span><\/p>\n

The post Important Ethereum Metric Hits a 4-Month High: ETH Price Rally Soon?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

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\u2019s Advancement Crypto analytics platform Santiment revealed that over 126,200 Ethereum wallets were […]<\/p>\n","protected":false},"author":0,"featured_media":4935,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4934"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4934"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4934\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/4935"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}