Ethereum Network Growth Hits Highest Level In 4 Months, Will Price Follow?

While
numerous
cryptocurrencies
are
experiencing
significant
downturns
due
to
broader
market
volatility,
the

Ethereum
(ETH)
network

is
experiencing
a
substantial
growth
surge,
hitting
its
highest
levels
in
four
months.
This
notable
uptick
has
sparked
speculations
about
the
possibility
of
a

subsequent
price
increase.    

Ethereum
Network
Sees
Explosive
Growth

In
an
X
(formerly
Twitter)

post

on
September
9,
Santiment,
a
market
intelligence
platform,
unveiled
a
recent
positive
change
in
the
Ethereum
network.
According
to
data
from
Sanbase
Pro,
the
Ethereum
network
has
experienced
a
notable
increase
in
its

growth
levels,
signaling
renewed
activity
and
potential
bullish
momentum
for
the
cryptocurrency.

Sharing
a
detailed
chart
depicting
ETH’s
price
movements
and
network
growth
over
the
past
few
months,
Santiment
revealed
that
the
number
of
daily
new
wallets
on
the
network
has
soared
dramatically.
Typically,
a

growth
surge
in
the
Ethereum
network

is
measured
by
the
number
of
new
addresses
created
on
the
network.

On
September
8,
approximately
126,210
wallets
were
created
on
the
Ethereum
network.
Surprisingly,
despite
Sundays
generally
being
the
least
active
day
of
the
week,
the
network
still
recorded
its
highest
growth
surge
in
four
months,
setting
a
new
milestone.  

The
sudden

rise
in
new
wallet
addresses

possibly
suggests
that
more
people
are
joining
and
interacting
with
the
Ethereum
network,
which
could
indicate
the
network’s
rising
utility.
Santiment
has
interpreted
this
significant
growth
spurt
as
a
sign
of
an
impending
rally
in
the

price
of
ETH. 

The
market
intelligence
platform
expects
this
surge
to

trigger
a
price
bounce

from
the
$2,200
and
$2,300
range
for
ETH.
The
price
of
ETH
is
already
sitting
slightly
above
this
range,
at
$3,314,
however
with
its
recent
surge
in
network
growth,
its
value
could
experience
an
even
larger

upward
momentum
to
new
highs.  

The
Price
Outlook

Trader
Tardigrade,
a
prominent
crypto
analyst
has

identified

a
new
pattern
formation
in
Ethereum’s
price
chart.
In
the
chart,
the
analyst 
highlighted
a
“double
bottom”
pattern,
which
has
a
unique
“W”
structure.
This
technical
pattern
is
often
seen
as
a

bullish
indicator,
and
occurs
when
the
price
of
a
cryptocurrency
hits
a
low
point,
rebounds
and
then
drops
again
around
the
same
point
before
rising.  

In
the
case
of
Ethereum,
the

formation
of
a
double-bottom
pattern

typically
suggests
that
a
downtrend
may
be
ending.
As
a
result,
Trader
Tardigrade
believes
that
a
potential
price
reversal
could
be
coming
for
the
cryptocurrency.
Over
the
past
few
months,
Ethereum’s
price
has
been
on
a

downward
trajectory,
characterized
by
sharp
volatility
and
price
fluctuations
that
closely

mirror
Bitcoin’s
market
trends. 

A
market
expert
identified
as
‘Crypto
Rover’
on
X
has

revealed

that
Ethereum
has
been
down
3.59%
in
the
year
to
date.
In
addition,
popular
analyst
Ali
Martinez

disclosed

that
Ethereum
whales
may
have
lost
interest
in
the
cryptocurrency,
noting
that
they
stopped
accumulating
ETH
in
early
July
and
have
since
shifted
to
selling
or
redistributing
their
holdings. 

Despite
this
market
trend,
Trader
Tardigrade
says
that
there
is
a
high
chance
that
a

massive
price
pump

is
coming
soon
for
Ethereum.
The
analyst
suggests
that
this
pump
could
propel
Ethereum’s
price
to
$3,900. 

Featured
image
created
with
Dall.E,
chart
from
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