As a highly bullish week for many assets in the cryptocurrency market draws to its end, Ethereum (ETH) has stood out as one of the sector’s best performers, making more significant strides than others and leaving the psychologically important $2,000 price resistance level behind.
Indeed, Ethereum’s high network growth, particularly that of micro addresses with less than 0.1 ETH, has pushed its market value by 10% in a single day and more than 30% over four weeks, according to the data shared by crypto and blockchain analytics platform Santiment in an X post on November 10.
Specifically, these micro Ethereum wallets have recently surpassed the number of 100,000 for the first time in history, and the 0.1-10 ETH and 10K+ ETH tiers have witnessed growth as well in the past two weeks, leading Ethereum to the highest price since May 2022, as the crypto platform’s chart indicates.
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At the same time, crypto trading expert Ali Martinez pointed out an interesting fact that Ethereum reclaiming the $2,000 threshold was taking place before +10K ETH whales had even started buying the second-largest cryptocurrency by market capitalization, as illustrated by the Glassnode chart he shared on X.
Additionally, crypto expert Trader Tardigrade earlier highlighted Ethereum’s breaking out of the 200-day resistance trendline, while its moving average convergence divergence (MACD) and signal line both turned into position values, and the MACD histogram showed an increase in the upside momentum.
Ethereum price analysis
Meanwhile, Ethereum was at press time changing hands at the price of $2,105.62, recording a significant increase of 10.49% on its daily chart, which has added up to the 17.88% gain accumulated across the previous week and the even higher advance of 33.65% over the past month.
All things considered, ETH might be on a strong bullish trend that could actually see it reach a price between $3,000 and $10,000 in 2024, earlier predicted by the artificial intelligence (AI) tool ChatGPT based on the asset’s expanding institutional adoption, as Finbold reported on November 4.
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