It was just yesterday that Ethereum, the second largest cryptocurrency by market cap, had slightly moved upwards as the currency was just a few figures below reclaiming $1,400 area.
However, the bulls failed to propel Ethereum price past the $1,400 resistance as Ethereum started its decline soon after hitting the $1,399 high. At the time of writing, Ethereum is selling at $1,323, down 4.41% over the past 24 hours. An immediate resistance is currently located at $1,330 and support near the $1,320 level. If ETH continues its price action above $1,330, it is highly likely that the currency will retest the $1,380 level.
While the Ethereum price struggles for bull run, the network experienced a drop in its new Ethereum addresses as the daily addresses saw a decline of nearly 50%. The same is explained by crypto analyst and expert, Ali Martinez via Twitter.
As mentioned in his tweet, the expert believes that whenever there is a drop in ETH addresses, there is an impact on the price of Ethereum as well as pointing to a further decrease in the prices.
Ethereum Price At $1,578 By October
On the flip side, the most active community, the CoinMarketCap community, is predicting that the lead altcoin, Ethereum, will hit a high of $1,578 by October 31, 2022. This price target had received a vote of nearly 2,244 on September 27, 2022
Not so, the interest rate increase for Ethereum as seen via Google search, which has risen by 16% since last 2021.
Interestingly, as of September, 51% of Ethereum holders are in profit and only 46% are in loss.
