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- 1 Ethereum price is trading in a pattern showcasing the bullishness in the upcoming session.
- 2 Eth crypto network growth is also on the incline mode showcasing the bullishness in upcoming sessions.
Ethereum (ETH) price is jumped back to the $3k heading in the upward direction following the Bitcoin. The second largest cryptocurrency according to the market cap also witnessed the network growth.
Ethereum Price Witnessed The Network Growth
The Ethereum network has seen an increase in the number of new addresses, indicating a growth in network activity. The velocity of the network has also increased, pointing towards a rise in transaction activity.
This growth in interest could lead to an increase in ETH price, potentially bringing it back to the levels it was trading at before the market correction. However, the cost of ETH will also depend on the size of the addresses showing interest.
According to Santiment’s data, the number of addresses holding 100-10,000 ETH was decreasing at the time of writing, which could impact ETH’s future price movement. Large addresses making substantial purchases could play a vital role in determining the trajectory of ETH’s price in the future.
ETH Price Bouncing Back From The Bottom Level
At press time, Ethereum’s price had climbed back above $3,000 on the back of Bitcoin’s recovery. Additionally, the volume for ETH continued to rise as well.
The volume and price graph displayed that the trading volume has increased in the last few days and the price has also inclined. In the last few days, the price has grown significantly. Hence, the price is expected to grow in the long term.
Social Dominance And Social Volume Also Supporting The Price
Social volume and social dominance are also bouncing back from the bottom line suggesting discussions about the ETH in crypto media rising again.
The social dominance and social volume santiment graph indicates a consistent increase over the past few months, which has had a positive effect on the price of Ethereum. Additionally, any potential changes in social dominance and volume dominance may impact the momentum of the ETH price.
Summary
The Ethereum (ETH) price has seen a surge in trading volume and price, making a recovery above $3,000. The network activity has increased, pointing towards a rise in transaction activity, which could lead to an increase in ETH price as well. However, the cost of ETH will depend on the size of the addresses showing interest, and the trajectory of Its price in the future will be determined by large addresses making substantial purchases. Social volume and social dominance are also bouncing back from the bottom line, indicating an increase in discussions about it in crypto media.
Technical Levels
Support Levels: $2800.00
Resistance Levels: $3200.00
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
