Ethereum
ETH Price Prediction as Ethereum Sees Biggest Spike in Active Addresses
Ethereum (ETH) is experiencing increased activity both on its network and on a legal level. Amid these developments, attention is being paid to the valuation of Ethereum as decentralized finance (Challenge) the asset continues to fight against the key resistance levels.
During recent developments, the network has seen an increase in the number of active addresses, according to data provided by crypto analyst Ali Martinez in a X published June 22.
Data shows that Ethereum saw its largest increase in active ETH addresses in the last three months, reaching 617,170. This increase in activity suggests growing interest and engagement in the Ethereum blockchain, which could affect its price trajectory.
Ethereum Daily Active Addresses Chart. Source: Santiment/ali_charts
The increase in active addresses could be interpreted as a sign of growing usage of the network and growing trust in the platform. Historically, such spikes in active addresses have often preceded a price rise, as increased activity can indicate higher transaction volumes and greater utility.
In addition to the increase in active addresses, Ethereum is also seeing an increase in other metrics. According to data provided by crypto analytics platform CryptoQuant, Ethereum’s market value to realized value (MVRV) indicator is rising faster than Bitcoin (BTC) MVRV.
MVRV is the ratio between the market capitalization of a digital asset and its realized capitalization. It is used to assess whether the token is undervalued or overvalued.
Ethereum Price Prediction
The peak in user activity coincides with a period where Ethereum is largely moderate, aligning with all crypto market feelings. In this line, CoinCodexa platform using AIMachine learning algorithms based on machine learning algorithms have been successful in predicting Ethereum prices in the short term.
According to data pulled from the platform on June 23, ETH will likely trade at $3,552 by July 1, 2024. The forecast reflects a modest 1.6% price gain.
Ethereum remains the center of attention after the Securities and Exchange Commission (SECOND) has decided to close its “Ethereum 2.0” investigation into ConsenSys. According to ConsenSys, the SEC’s Enforcement Division has informed the blockchain company that it is closing its investigation into Ethereum 2.0. The SEC noted that it “would not bring charges alleging that sales of ETH are securities transactions.”
Ethereum Price Analysis
At press time, Ethereum was valued at $3,497, having seen minimal gains of around 0.05% over the past 24 hours. On the weekly chart, Ethereum is down 2.5%.
Overall, over the past seven days, Ethereum has faced significant downward pressure, influenced by regulatory news. The key support The level to watch is around $3,495, with major resistance at $3,550. If Ethereum can hold above $3,495, it could attempt to break above $3,550; failure to hold $3,495 could lead to further declines.
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