Ethereum (ETH) Network Sees Explosive Growth, Sparking Speculations About the Possibility of a Subsequent Price Increase

While numerous cryptocurrencies are experiencing significant downturns due to broader market volatility, the Ethereum (ETH) network is experiencing a substantial growth surge, hitting its highest levels in four months. This notable uptick has sparked speculations about the possibility of a subsequent price increase.

Amidst a broader market downturn that has seen numerous cryptocurrencies experience sharp declines, the Ethereum (ETH) network has experienced a surprising surge in growth, hitting its highest levels in four months and sparking speculation of an impending price increase.

On September 9, market intelligence platform Santiment highlighted a recent positive development in the Ethereum network via a post on X (formerly Twitter). Data from Sanbase Pro revealed a remarkable increase in the growth levels of the Ethereum network, signaling renewed activity and potential bullish momentum for the cryptocurrency.

Sharing a detailed chart that depicted ETH’s price movements and network growth over the past few months, Santiment revealed that the number of daily new wallets on the network has seen a dramatic surge. Typically, a growth surge in the Ethereum network is measured by the number of new addresses created on the network.

On September 8, approximately 126,210 wallets were created on the Ethereum network. Notably, despite Sundays generally being the least active day of the week, the network recorded its highest growth surge in four months, setting a new milestone.

This sudden rise in new wallet addresses could indicate more people are joining and interacting with the Ethereum network, which may be a testament to the network's increasing utility. Santiment interpreted this significant growth spurt as a sign of an impending rally in the price of ETH.

The market intelligence platform anticipates this surge will trigger a price bounce from the $2,200 and $2,300 range for ETH. Currently, the price of ETH is already sitting slightly above this range, at $3,314, but its value could experience an even larger upward momentum to new highs with this recent surge in network growth.

Meanwhile, trader Tardigrade has identified a new pattern formation in Ethereum's price chart. In the chart, the analyst highlighted a “double bottom” pattern, which has a unique “W” structure. This technical pattern is often viewed as a bullish indicator and occurs when the price of a cryptocurrency hits a low point, rebounds and then drops again around the same point before rising.

In the case of Ethereum, the formation of a double-bottom pattern usually indicates that a downtrend may be ending. Hence, Trader Tardigrade suggests a potential price reversal might be on the horizon for the cryptocurrency. Over the past few months, Ethereum's price has been on a downward trajectory, closely following Bitcoin's market trends with sharp volatility and price fluctuations.

A market expert, who goes by ‘Crypto Rover’ on X, revealed that Ethereum is down 3.59% year-to-date. Additionally, prominent analyst Ali Martinez highlighted that Ethereum whales might have lost interest in the cryptocurrency, considering they stopped accumulating ETH in early July and have been selling or redistributing their holdings since.

However, Trader Tardigrade’s analysis suggests a massive price pump might be coming for Ethereum soon. The analyst's price target for this pump is $3,900.

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