In a recent tweet, blockchain analytics firm Santiment has reported a surge in activity on the Ethereum network amidst the cryptocurrency’s significant price drop below the $1,650 mark. Despite the highly volatile market conditions, the Ethereum network has witnessed a notable increase in activity involving large addresses.
Specifically, there has been a rise in the number of wallets holding between 10,000 and 10,000 Ethereum (ETH), with the count now reaching 355,000. Additionally, transactions involving amounts exceeding $100,000 have experienced a significant surge.
Looking at historical patterns, market analyst Michaël van de Poppe, who is also the CEO and Founder of MN Trading, drew a comparison between Ethereum’s current situation and its performance in 2019. During that year, Ethereum experienced a dip in its price towards the cycle low in September, which occurred approximately eight months before the Bitcoin halving event.
Van de Poppe notes that in 2023, Ethereum appears to be undergoing a similar pattern, with a price drop occurring approximately eight months ahead of the upcoming halving event. The observation raises questions about potential correlations between price movements, market cycles, and halving events in the cryptocurrency space.
Ethereum Latest Price Analysis
Presently, the price of ETH stands at $1,650.48, accompanied by a 24-hour trading volume of approximately $5 billion. Over the past day, the value of Ethereum has seen a decline of 1.44%. On the weekly chart, there is a visible decrease of nearly 3%, indicating a relatively subdued performance over the past week.
Based on technical analysis of ETH’s price trends, a bearish pattern has emerged in the long-term perspective. Consequently, it is anticipated that the price of Ethereum may decrease by approximately $25.53 within the upcoming 7 days, projecting a potential value of $1,628.53 by the 1st of September 2023.
In the short term, a machine learning algorithm evaluation has indicated a neutral trend for ETH. It suggests that in the immediate hours, investors might witness a slight uptick in the price, although there remains a possibility of a minor downturn.
In consideration of this data, market participants should be prepared for a moderate price increase in the short term, with a certain degree of uncertainty that could lead to a potential decrease in the coming hours.
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