Ethereum’s Bullish Surge and Active Addresses
Ethereum (ETH) experienced a significant price surge of 14.5% over the past week, climbing from a recent low of $2,251 on September 16 to $2,641 at the time of writing. This rise accompanies an increase in active Ethereum addresses, reaching 5 million, indicating a resurgence of interest and activity in the network.
Understanding Market Sentiment
According to ChainStatsPro, this uptrend is influenced by increased active buyers and spot-limit bids. In simpler terms, more people are buying Ether at current prices, sensing a good opportunity. This means a higher demand for Ethereum, which often leads to price increases. Current market behavior shows that traders are setting buy and sell limits at $2,400 and $2,790 respectively, preparing to capitalize on these price levels.
Analyzing Ethereum's Charts
Ethereum’s transaction activity has surged, a positive indicator of market health. The Chaikin Money Flow (CMF) index, which is at 0.28, further supports this with a positive value showing buyers are accumulating ETH. Additionally, the OI-weighted funding rate is positive, suggesting a demand for long positions, where traders bet on the price continuing to rise.
These market conditions present a bullish outlook for Ethereum, with the potential to challenge the $2,800 resistance level if the current momentum continues.
