Ethereum (ETH) has to repeat this trick to continue price rally
According to a recent report by the crypto analytics portal sentiment, The explosion of activity on the Ethereum network has once again predicted a rise in the ETH price. Referring to data from the end of the first decade of October, when the Ethereum network recorded its biggest increase in new addresses, 135,780, Sentiment anticipates potentially positive ETH price action, which actually happened 20 days later.
After this biggest increase in new addresses since December 2021, the price of ETH has risen by more than 22%. Nevertheless, by now, the activity on the Ethereum network has fallen again, and significantly. While there is a positive correlation between new addresses and price, it cannot be said for certain that the reverse works as well. However, a significant drop in activity could prevent ETH quotations from heading further up, above the $1,600 level.
Ethereum (ETH) Price Action
Ethereum price is up 17% against the US Dollar over the past week, reaching the crucial $1,600 mark, and is up 10% against Bitcoin.
Despite the positive sentiment in recent days around markets, especially the crypto market, there is still a wary mood. First and foremost, pressure is coming from next week’s U.S. Federal Reserve meeting, the rhetoric of which should once again determine the future direction of quotations.
