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Home»Ethereum»Ethereum (ETH) Rebounds From $2,200 Lows After Network Growth Hits 4-Month High
Ethereum

Ethereum (ETH) Rebounds From $2,200 Lows After Network Growth Hits 4-Month High

September 10, 2024No Comments3 Mins Read
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Dall·e 2024 09 10 06.14.02 A Powerful And Futuristic Financial Themed Image Highlighting Ethereums E.jpeg
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Ethereum has surged 10% since last Friday, marking a notable rebound as the cryptocurrency market responds to local demand levels. Despite the surge, ETH has lagged Bitcoin and other altcoins in recent months.

Key data from Santiment, however, highlights an increase in network activity, which hints at a potential shift in Ethereum’s performance. While ETH continues to face challenges in reclaiming the crucial $2,500 area, this period of volatility could present a strategic opportunity.

Investors could view this moment as an opportunity to position themselves for future gains. With the current momentum and growing network engagement, Ethereum’s rally could be on the horizon, offering promising prospects for those willing to capitalize on its rebound.

Ethereum Network Growth: A Sign of Relief

Ethereum has been struggling recently as traders and investors wait for confirmation that the worst of the selling pressure and negative sentiment has passed. One positive signal is the increase in network activity reported by Santiment on X, which could be a sign of improving conditions.

126,210 new ETH wallets created on Sunday.
126,210,000 new ETH wallets were created on Sunday. | Source: Santiment

On Sunday, a day typically known for lower trading volumes, Ethereum saw a significant increase in network growth. The number of new wallets created hit a four-month high, with 126,210 new wallets added. This increase in network utility suggests growing interest in Ethereum and may signal a shift in market sentiment.

To maintain this momentum, Ethereum price needs to target and test higher levels, especially in the local supply zone, which is around $2,550. This price level will be crucial for Ethereum to regain strength and establish a solid uptrend.

Investors and traders are closely monitoring signs of strengthening in the broader market as it enters a consolidation phase. Increased network activity could be an early indicator of a potential rally, making it essential to monitor Ethereum price movements and overall market trends.

ETH Price Evolution

Ethereum is trading at $2,349, after rebounding 10% from its yearly low of $2,150. The move comes after weeks of persistent selling pressure, putting ETH at a pivotal level in its price action.

The focus now shifts to the 4-hour exponential moving average (EMA) at $2,576. For Ethereum to maintain its bullish momentum, it must not only break above this key technical level but also close above it convincingly.

ETH is trading below the 4H 200 EMA.
ETH is trading below the 200-hour exponential moving average over 4 hours. | Source: ETHUSDT chart on TradingView

Since late July, ETH has struggled to maintain a position above this EMA, an important resistance point. The failure to close above the EMA during this period highlighted a short-term bearish trend. A successful breakout and close above this level would suggest a potential trend reversal and could signal the start of a more sustained bullish move.

However, the situation could get worse if Ethereum fails to hold its current price levels and falls below $2,349. A drop below this support could lead to a deeper correction, potentially returning to yearly lows or even lower levels in the short term. Such a scenario could negatively impact ETH holders, introducing increased volatility and risk.

Keeping a close eye on ETH’s interaction with the 200 EMA and its ability to hold above current levels will be crucial in assessing the short-term outlook and potential trend changes.

Featured image of Dall-E, chart by TradingView



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