Ethereums Largest Spike in Active Addresses Leads to ETH Price Prediction
Increased activity on the Ethereum (
ETH
) network and developments in the legal sphere are attracting attention to the valuation of Ethereum as the decentralized finance (
DeFi
) asset continues to face key
resistance
levels.
The network has recently seen a surge in active addresses, with data from
crypto
analyst Ali Martinez showing that Ethereum hit 617,170 active ETH addresses, the highest in the past three months. This increase suggests growing interest and interaction with the Ethereum blockchain, which could impact its price.
The rise in active addresses is seen as a sign of increased network usage and confidence in the platform. Historically, such spikes in active addresses have preceded price rallies, indicating higher transaction volumes and more utility.
In addition to the surge in active addresses, Ethereum’s Market Value to Realized Value (MVRV) indicator is growing faster than
Bitcoin’s
(
BTC
) MVRV, according to
crypto
analytics platform
CryptoQuant
. This indicator assesses whether a digital asset is overvalued or undervalued.
CoinCodex
, which utilizes
AI
-driven machine learning algorithms, has provided Ethereum’s short-term price prediction. According to their data, ETH is expected to reach $3,552 by July 1, 2024, reflecting a modest gain of 1.6%.
Ethereum’s focus is heightened after the Securities and Exchange Commission (
SEC
) closed its investigation into
ConsenSys
‘s “Ethereum 2.0.” The SEC stated that it “would not bring charges alleging that sales of ETH are securities transactions.”
As of the latest update, Ethereum is trading at $3,497, with minimal gains of about 0.05% in the last 24 hours and a 2.5% decrease on the weekly chart.
Over the past week, Ethereum has faced significant downward pressure due to
regulatory
news, with a key
support
level at $3,495 and major resistance at $3,550. Maintaining above $3,495 could lead to an attempt to break through $3,550, while failure to hold $3,495 could result in further declines.
Please note that the content on this site is not investment advice and investing is speculative, with capital at risk.
