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Cryptocurrency News Articles

Ethereum (ETH) Rides a Wave of Positive Momentum, Signaling a Potential Bullish Rally

Nov 08, 2024 at 05:00 am

Ethereum [ETH] is riding a wave of positive momentum, reflecting the broader cryptocurrency market’s recent gains. Although Ethereum has not yet reached its previous all-time high, it has experienced a significant upswing.

Ethereum (ETH) Rides a Wave of Positive Momentum, Signaling a Potential Bullish Rally

Ethereum (CRYPTO: ETH) is continuing to experience a positive momentum wave, reflecting the broader cryptocurrency market’s recent upswing.

Although ETH has yet to reach its previous all-time high, it has seen a significant upswing. Over the past few days, the alt coin has surged by more than 8%, trading at a high of $2,872, at press time.

This marks a substantial recovery, placing the asset around 42.7% below its record high of $4,878 from November 2021.

The recent gains signaled increasing investor interest and highlighted the alt coin’s resilience as it continues to attract market attention alongside Bitcoin’s (CRYPTO: BTC) recent upward movement.

Meanwhile, an intriguing development within the Ethereum network has been identified by a CryptoQuant analyst, known as Mac.D.

According to the analyst, in the wake of the U.S. presidential election results, a massive $9.3 billion worth of ERC-20 stablecoins flowed into cryptocurrency exchanges.

This marks the second-largest influx of ERC-20 stablecoins since their inception.

Breaking down these deposits, Binance received around $4.3 billion, while Coinbase saw an inflow of about $3.4 billion. The remainder was distributed among smaller exchanges.

Historically, large inflows of this magnitude have correlated with bullish rallies in the market, as seen during the period between September 2020 and February 2021.

If this pattern holds, ETH and the broader market may be poised for another upward trend.

Ethereum’s rising retail interest and network activity

In addition to the surge of ERC-20 stablecoin inflows, another promising trend for Ethereum has emerged in its retail activity.

Data from Glassnode indicated a rise in Ethereum’s active addresses, a key metric for gauging retail interest and network utilization.

Following a dip below 400,000 active addresses in late October, the number has since climbed to over 430,000.

This increase reflects heightened activity on the network, suggesting a possible uptick in network demand and a growing interest from individual participants.

The growth in active addresses can have meaningful implications for Ethereum’s price trajectory.

Increased activity often signals higher demand and greater usage of the network, which can create upward pressure on the asset’s value.

News source:ambcrypto.com

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