Key Points
- Ethereum’s price increased by 14.5% over the past week.
- The number of active Ethereum addresses has reached 5 million, indicating increased buyer activity.
Over the past week, the price of Ethereum (ETH) has seen a significant rise, with a 14.5% increase.
On the 16th of September, the cryptocurrency’s value was at a weekly low of $2,251, but it has since climbed to a trading price of $2,641.
Driving Factors Behind the Surge
In contrast to the previous month’s downward trend, Ethereum’s recent uptick has sparked discussions among analysts about the sustainability of this recovery and the factors propelling it.
The current surge is believed to be due to a rise in active buyers.
Market Sentiment and Analysis
ChainStatsPro’s analysis points to an increase in active buyers and spot limits bids as key factors.
The future markets for Ethereum continue to see liquidation hunts, while spot-limit bids are being filled.
This indicates that active buyers are purchasing ETH at current market rates, suggesting a rise in demand.
Traders are positioning themselves to buy when Ethereum drops to $2400 and sell if it reaches $2790, which implies heightened market activity.
Further evidence of this increased activity is the rise in active addresses over the past week, which has hit the 5 million mark according to IntoTheblock.
A rise in active addresses usually leads to higher prices and is considered a bullish market sentiment.
Ethereum Charts and Indicators
ChainStatsPro has observed an increase in Ethereum’s transaction activity over the past week, contributing to the cryptocurrency’s sustained upward momentum.
The increased buying pressure has been supported by a positive Chaikin Money Flow (CMF) with Ethereum’s CMF currently at 0.28, indicating active accumulation of the asset.
Moreover, Ethereum’s OI-weighted funding rate has been positive, suggesting increased demand for long positions.
These factors indicate a rise in active Ethereum buyers and a positive market sentiment, positioning the altcoin for potential further gains.
If the current conditions persist, Ethereum may attempt to break the $2800 resistance level in the short term.
