• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Is Ethereum on the path of Resurgence?
Is Ethereum on the path of Resurgence?

Is Ethereum on the path of Resurgence?

October 10, 2021 by Lipika Deka

The price of Ethereum’s native token [ETH] has steadily risen from $3,402 to $3,569, a 5% increase in the last week. The uptrend has received significant support from its on-chain metrics, which have turned green since the beginning of October.
Santiment, an on-chain analytics website, centered its report on key components such as Network Growth, Active Address [AA], Market Value by Realised Value [MVRV], Exchange Inflow, and so on. Here’s what the firm discovered when it looked at both on-chain and social data activity on the Ethereum network.

What are Ethereum’s [ETH] tell-tale signs for its growth structure?

It was found that Ethereum [ETH] experienced the greatest increase in Network Growth and Active Addresses [AA] count since reaching an all-time high of $4,168 in May of this year.

With respect to the Active Address [AA] figures, the data looks promising for the price growth as ETH witnessed the highest amount of AA influx since May. It’s noteworthy to mention that ETH for the first time in history crossed the $3,500 mark five months ago this year, the then AA count, too followed suit as evidenced from the graph.

s1
Is Ethereum on the path of Resurgence? 5

In the case of Network Growth, the graph depicted an unexpected surge in the metric which is the highest since June 2021. The sudden uptrend points towards a possible short-term price surge phenomenon, according to the report. However, some speculators linked the temporary uptick to recent developments such as Mekaverse amassing non-fungible token [NFT] worth $60 million in sales on Ethereum which generated huge network activity by market participants. Nevertheless, the upswing trend is a piece of good news for future price prospects.

s3
Is Ethereum on the path of Resurgence? 6

That being said, the report further reviewed the network’s health in terms of MVRV and Exchange flow. Regarding MVRV 30D analysis, Ethereum seemed to be treading very close to the difficulty level of 10% but has sufficient room to expand to 25%. However, the report also injected a note of caution with respect to Market Value by Realised Value [MVRV] and Exchange Inflow in the network.

s4
Is Ethereum on the path of Resurgence? 7

In a separate report, a prominent analyst under the pseudonym ‘Jaydee_757’ predicted Ethereum’s price might see an astonishing 7,000% increase after witnessing the formation of a fractal indicator from 2017 this year. According to the findings of the analyst, if history repeats, Etheruem could hit $13,000 in the next couple of months.

Despite the bullish cues observed by the above metrics, sell-side pressure continues to haunt the altcoin’s price structure. Santiment noted,

“Seems there might be a little bit more sell-side pressure to be absorbed around price resistance level. That might be a little bit difficult for Ethereum.”

Filed Under: News Tagged With: Ethereum (ETH), Ethereum network

Primary Sidebar

Recent Posts

  • Huobi co-founder to sell major stake worth over $1B? August 14, 2022
  • Ethereum rises to glory in BTC over last 8 months August 14, 2022
  • Cryptocurrency balance freeze of Vauld: Indian saga August 14, 2022
  • Vauld’s Legal Woes Mount After ED Freezes Assets Worth $46M August 12, 2022
  • XRP Rewards Programs Now In Japanese Shinsei Bank August 12, 2022

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2022 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.