{"id":607051,"date":"2024-05-08T15:00:06","date_gmt":"2024-05-08T15:00:06","guid":{"rendered":"https:\/\/wncen.com\/?p=607051"},"modified":"2024-07-12T04:32:56","modified_gmt":"2024-07-12T04:32:56","slug":"forget-the-price-dip-ethereum-network-activity-hints-at-imminent-takeoff","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/forget-the-price-dip-ethereum-network-activity-hints-at-imminent-takeoff\/","title":{"rendered":"Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff"},"content":{"rendered":"

With its second-largest market capitalization among cryptocurrencies, Ethereum finds itself in an odd place. The pricing battles for direction; its underlying network is seeing a boom of activity.<\/p>\n

Related Reading: Whispers In The Deep: Why Are Ethereum Whales Disappearing?<\/a><\/div>\n

Ethereum Network Sees Increase In New Users<\/strong><\/h2>\n

According to crypto data firm Santiment, May 4th saw a whopping 200,000 new Ethereum<\/a> addresses created, marking the highest single-day growth in nearly two years.<\/p>\n

Driven by elements like the expanding Decentralized Finance (DeFi) market and the always changing realm of Non-Fungible Tokens (NFTs), this spike points to a fresh curiosity in the Ethereum ecosystem.<\/p>\n

\n

\ud83d\udcc8 #Ethereum<\/a> rebounded back above $3,200 this weekend, and saw massive network growth. 196.71K new addresses were created on the $ETH<\/a> network on May 4, 2024, the largest single day of growth since October 8, 2022. This should be viewed as a #bullish<\/a> sign. https:\/\/t.co\/l9iFVWCJpE<\/a> pic.twitter.com\/MlHQTvKKN0<\/a><\/p>\n

\u2014 Santiment (@santimentfeed) May 6, 2024<\/a><\/p><\/blockquote>\n

This network expansion is a positive indication of great and rising Ethereum interest, which could convert into large capital inflows whenever macroeconomic conditions turn more favorable.<\/span>
\n<\/span><\/p>\n

\"\"<\/p>\n

Is The Price Dip A Buying Opportunity?<\/strong><\/h2>\n

While the network is flourishing, Ethereum’s price right now is $2,995, a 1.8% drop in past 24 hours. This takes it very near to sliding below its 200-day Exponential Moving Average (EMA), a technical signal sometimes seen as indicating negative momentum.<\/span>
\n<\/span><\/p>\n

On closer inspection, though, one finds a perhaps optimistic twist. Along with the price reduction, trade volume declines could suggest a declining selling pressure. Such a situation has occasionally preceded a price reversal, in which case buyers re-enter the market and drive prices higher.<\/span>
\n<\/span><\/p>\n

<\/p>\n

Total crypto market cap currently at $2.2 trillion. chart: TradingView<\/pre>\n
Investor Optimism Buoyed By Potential Fed Pivot<\/strong><\/h3>\n
A dismal jobs report highlights the ongoing US economic weakness, which has spurred rumors that the Federal Reserve would lower interest rates.<\/span> This might provide new liquidity to the market, so helping risky assets like cryptocurrency.
\n<\/span><\/p>\n
Analysts believe that a dovish Federal Reserve turn might completely transform Ethereum. Generally speaking, lower interest rates make owning cryptocurrency more appealing than classic fixed-income assets.<\/span>
\n<\/span><\/p>\n
\"\"Ether seven-day price action. Source: CoinMarketCap<\/pre>\n
Ethereum’s future road is yet unknown. The pricing presents immediate difficulties even if the principles of the network seem strong. Managing this complicated situation will call for investors to give great thought to the on-chain activity as well as the larger economic scene.<\/span>
\n<\/span><\/p>\n
Regulation and Innovation: Key Factors to Watch<\/strong><\/h3>\n
Attracting institutional investors, a possible driver of major price increase, would surely depend critically on regulatory certainty around cryptocurrencies.<\/p>\n
Related Reading: Cardano (ADA) Trading Activity Goes Quiet: Will This Drag Down The Price?<\/a><\/p>\n
Featured image from Book My Flight, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
With its second-largest market capitalization among cryptocurrencies, Ethereum finds itself in an odd place. The pricing battles for direction; its underlying network is seeing a boom of activity. Related Reading: Whispers In The Deep: Why Are Ethereum Whales Disappearing? Ethereum Network Sees Increase In New Users According to crypto data firm Santiment, May 4th saw a whopping 200,000 new Ethereum addresses created, marking the highest single-day growth in nearly two years. Driven by elements like the expanding Decentralized Finance (DeFi) market and the always changing realm of Non-Fungible Tokens (NFTs), this spike points to a fresh curiosity in the Ethereum ecosystem. \ud83d\udcc8 #Ethereum rebounded back above $3,200 this weekend, and saw massive network growth. 196.71K new addresses were created on the $ETH network on May 4, 2024, the largest single day of growth since October 8, 2022. This should be viewed as a #bullish sign. https:\/\/t.co\/l9iFVWCJpE pic.twitter.com\/MlHQTvKKN0 \u2014 Santiment (@santimentfeed) May 6, 2024 This network expansion is a positive indication of great and rising Ethereum interest, which could convert into large capital inflows whenever macroeconomic conditions turn more favorable. Is The Price Dip A Buying Opportunity? While the network is flourishing, Ethereum’s price right now is $2,995, a 1.8% drop in past 24 hours. This takes it very near to sliding below its 200-day Exponential Moving Average (EMA), a technical signal sometimes seen as indicating negative momentum. On closer inspection, though, one finds a perhaps optimistic twist. Along with the price reduction, trade volume declines could suggest a declining selling pressure. Such a situation has occasionally preceded a price reversal, in which case buyers re-enter the market and drive prices higher. Total crypto market cap currently at $2.2 trillion. chart: TradingView Investor Optimism Buoyed By Potential Fed Pivot A dismal jobs report highlights the ongoing US economic weakness, which has spurred rumors that the Federal Reserve would lower interest rates. This might provide new liquidity to the market, so helping risky assets like cryptocurrency. Analysts believe that a dovish Federal Reserve turn might completely transform Ethereum. Generally speaking, lower interest rates make owning cryptocurrency more appealing than classic fixed-income assets. Ether seven-day price action. Source: CoinMarketCap Ethereum’s future road is yet unknown. The pricing presents immediate difficulties even if the principles of the network seem strong. Managing this complicated situation will call for investors to give great thought to the on-chain activity as well as the larger economic scene. Regulation and Innovation: Key Factors to Watch Attracting institutional investors, a possible driver of major price increase, would surely depend critically on regulatory certainty around cryptocurrencies. Related Reading: Cardano (ADA) Trading Activity Goes Quiet: Will This Drag Down The Price? Featured image from Book My Flight, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":607058,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[142,6664,8323,4854,1946,8686],"class_list":["post-607051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-altcoins","tag-crypto","tag-eth","tag-ether","tag-ethereum","tag-ethusd"],"acf":[],"yoast_head":"\nEthereum Network Activity Hints At Imminent Takeoff<\/title>\n<meta name=\"description\" content=\"With its second-largest market capitalization among cryptocurrencies, Ethereum finds itself in an odd place. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff","url":"http:\/\/wncen.com\/news\/ethereum\/forget-the-price-dip-ethereum-network-activity-hints-at-imminent-takeoff\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/forget-the-price-dip-ethereum-network-activity-hints-at-imminent-takeoff\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/a_e955e2.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/a_e955e2.jpg?fit=1920%2C1042"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","crypto","eth","ether","ethereum","ethusd"],"dateCreated":"2024-05-08T15:00:06Z","datePublished":"2024-05-08T15:00:06Z","dateModified":"2024-07-12T04:32:56Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/forget-the-price-dip-ethereum-network-activity-hints-at-imminent-takeoff\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/forget-the-price-dip-ethereum-network-activity-hints-at-imminent-takeoff\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/a_e955e2.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/a_e955e2.jpg?fit=1920%2C1042\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"crypto\",\"eth\",\"ether\",\"ethereum\",\"ethusd\"],\"dateCreated\":\"2024-05-08T15:00:06Z\",\"datePublished\":\"2024-05-08T15:00:06Z\",\"dateModified\":\"2024-07-12T04:32:56Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/a_e955e2.jpg?fit=1920%2C1042","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/607051"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=607051"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/607051\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/607058"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=607051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=607051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=607051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}