Ethereum (ETH) Sees Increase in Active Addresses and Rebound in Inbound Prices?

Ethereum (ETH) is currently down 0.75% as its price continues a limited movement seen all week. However, on its monthly time frame, the largest altcoin is showing a worrying performance with a reported loss of 6.40% according to data from CoinMarketCap.

However, popular cryptocurrency analyst Ali Martinez has detected a notable development on the Ethereum network, which could be a good fortune for price action in the coming days.

Ethereum active addresses hit 3-month high of 617,170

In a Message On June 22, Martinez reported a significant increase in active addresses on the Ethereum blockchain. Using data from blockchain analytics firm Santiment, the crypto analyst noted that there were 617,170 active Ethereum users on June 21, representing the highest value for this metric in the three last months.

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This development has sparked a lot of speculation in the Ethereum community, as an increase in active addresses often means an increase in network activity, which is quite significant after Ethereum’s overall negative performance over the past month.

In theory, this is a positive omen for the price of ETH, as higher activity corresponds to increased user transactions, thus leading to higher demand for the cryptocurrency and ultimately producing a price rebound. Many Ethereum enthusiasts are likely hoping that this will happen when the altcoin breaks out of its current state between $3,400 and $3,600.

ETH Ready for a Major Rebound

Besides, another crypto analyst, Michaël Van De Poppe, also added to Ethereum’s chances of staging a market recovery. Using the ETH/BTC price chart, van De Poppe declared that as long as ETH trades above the 0.05 price mark, the token’s downward trend is expected to reverse soon.

Currently, ETH is trading around $3,504.42, down 1.56% over the past week. Notably, the token’s daily volume dropped by 52.93%, currently valued at $7.50 billion.

If the bulls manage to exert massive pressure, forcing a breakout higher, ETH could return to the $4,000s last seen in March. However, if the bears maintain market control, Ethereum could fall as low as $3,000, representing a potential decline of 14% from its current price.

It should be clarified that all predictions are speculation and offer no guarantees. Investors are advised to carry out appropriate research before purchasing any asset.

ETH is trading at $3,511 on the daily chart | Source: ETHUSDT chart on Tradingview.comFeatured image of, Tradingview chart

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