Ethereum (ETH) Price to Surge as The Asset Hits over 3.3% Holders Higher than Bitcoin
Ethereum (ETH) appears poised for notable price moves this month. According to data from Santiment, Ethereum boasts over a 3.3% increase in global adoption within three months, with roughly 4 million new addresses and 127 million ETH holders.
Ethereum continues to separate itself from Bitcoin in terms of wallet growth:
Bitcoin: 54.18M Total Holders (-0.1% in 3 Months)
- Santiment (@santimentfeed) September 3, 2024
Considering this notable milestone, speculations are rising about whether the asset could hit $2,500 and beyond. Ethereum (ETH) is hovering around the $2300 level.
According to CoinMarketcap, ETH gained approximately 5.37% in the 30 days, resonating its resilience throughout August.
However, considering the optimism and increasing adoption of ETH, this new month could usher in new records for the coin. Can it break through to $2500 soon? Keep reading to learn more!
Ethereum Tops Santiment's Adoption Rankings: What This Means for ETHEthereum takes over as the leading cryptocurrency in Santiment's latest adoption rankings, showcasing significant growth in its user base over the past few months.
This upward trend highlights Ethereum's expanding influence in the crypto market, potentially impacting its future trajectory.For the past few months, the asset has consistently outperformed othermajor cryptocurrencies in adoption.
While Bitcoin experienced stagnation, Ethereum's growth is accelerating, marked by a notable increase in holders.
According to Santiment's recent data, Ethereum's adoption has surged 3.3% over the past three months. This translates to 4 million new addresses created on the Ethereum blockchain, bringing the total number of ETH holders to roughly 127 million.
In comparison, Bitcoin's holder count has remained relatively flat, with only a slight decrease of 50,000 addresses over the same period, totaling 54.18 million holders.
Tether's growth was also notable, adding 4.0% more holders to reach 5.99 million. This stark contrast underscores Ethereum's growing appeal among investors and users.
The continuous increase in Ethereum holders is considered bullish for ETH's future. However, analystsremain cautious about the sustainability of this growth. Despite these positive signs, the inherent volatility of the crypto market poses risks.
Ethereum Price Prediction: ETH Hovers Above Dynamic Bollinger Band Support - Can It Hold?
In the chart above, Ethereum (ETH) has touched the lower Bollinger Band, which serves as its dynamic support level at $2326.
Considering the impact of support levels in financial markets, ETH's price will likely break above the pivot level marked by the middle Bollinger Bands. If that happens, the upper Bollinger Band resistance at $2795 could become its new target.
On the other hand, the coin's Relative Strength Index (RSI) indicator is declining, hinting at the current bearish pressure and increased SELL orders. As such, a second bounce on the support is prone to occur before the price spikes.
Ethereum Horizontal Support and Resistance - Which Could Hold?
The chart above shows Ethereum's horizontal support and resistance levels on the daily time frame. Considering the coin's price at $2,407 as of 9:22 am EST, ETH could stagnate between $2350 and $2450 throughout the day.
The Moving Average Convergence Divergence (MACD) indicator has flattened with tiny red histogram bars.
Meanwhile, since ETH has bounced from its nearest support at $2310, the next price target could be the resistance at $2,597. A break will make the next resistance at $2,820 the next target.
Irrespective of ETH's chances of pumping, it's advisable to employ your trusted trading strategy and adopt adequate risk management practices for a safer trading experience.
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