5 Million Strong: Active Ethereum Wallets Drive Strong Momentum
24 Oktober 2024 - 12:00AM
NEWSBTC
According to veteran trader Peter Brandt, Ethereum might have just
seen its future looking brighter. Known for his technical
forecasts, Brandt feels the altcoin is on the verge of a bullish
turnaround. He’s identified an inverted Head and Shoulders
formation on the daily chart of Ethereum. This is one of the most
classic buy signals in technical analysis. If ETH can hold above
that neckline at $2,745, we could be looking at a breakout. The
most interesting chart developments I see right now See thread
#1$ETH closing price chart inverted H&S pattern I am flat in
ETH pic.twitter.com/OCG0GcTdxF — Peter Brandt (@PeterLBrandt)
October 21, 2024 Related Reading: ApeCoin Climbs Over 100% On Major
Tech Advancements – Details But the excitement doesn’t stop there.
Data from IntoTheBlock shows that Ethereum’s network is stronger
than ever, boasting over 5 million active addresses across its
mainnet and Layer 2 networks. Though market mood is still mixed,
this statistic confirms Ethereum’s importance in the crypto
ecosystem. Although some investors see Ethereum’s long-term future
improving, others are worried by the short-term hazards. There are
now over 5 million active $ETH addresses across the Ethereum
mainnet and leading L2 networks, outpacing any other Layer 1 asset
by a significant margin. pic.twitter.com/W6JaauNvhV — IntoTheBlock
(@intotheblock) October 21, 2024 A Long-Term Play Ethereum
definitely had its ups and downs. From a price tag as low as $10 to
nearly $4,900 in the past, it’s very obvious that ETH has made
quite a few early believers. And while taking such wild rides can
be full of gut-wrenching moments, Ethereum never failed to ensure
that its core strength lies in the facilitation of smart contracts
and decentralized applications in the blockchain space. However,
Ethereum’s cost basis for many investors has risen as the market
has matured. This has made short-term gains more elusive, leading
some traders to approach the market cautiously. But for those with
a long-term view, Ethereum’s ambitious roadmap and history of
overcoming challenges continue to make it an attractive option.
Ethereum: The Next Path Ethereum’s present pricing behavior has one
of more fascinating technical aspects: its interaction with the
Point of Control (POC). Often considered as a significant support
or resistance, this level could be crucial in deciding Ethereum’s
next direction. As ETH’s price hovers near this point, it suggests
a possible buying opportunity for those looking at the long term.
If the POC holds, Ethereum could build a solid foundation for
future growth. But a break below this level might signal trouble
ahead, so investors should stay cautious. Related Reading: Shiba
Inu Soars: Analyst Predicts 71% Rally In ‘Meme Super Cycle’ –
Details Will The Bullish Reversal Hold? Brandt’s bullish prognosis
gives ETH fans optimism. If Ethereum maintains over $2,745 and the
inverted Head and Shoulders pattern persists, it might climb
significantly. Yet, as always, it’s essential to consider other
market factors—broader trends, technical indicators, and market
sentiment all play a role in shaping the future of Ethereum. While
Ethereum has its challenges, the potential for a bullish breakout
is hard to ignore. Whether you’re in it for the long game or
watching closely for short-term gains, Ethereum’s next move could
be a significant one. Featured image from AFP/Finance Magnates,
chart from TradingView
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