Ethereum News: Following the recent approval of the Bitcoin ETF, the crypto price market has witnessed consolidation, with Ethereum emerging as a standout performer. Ethereum's current price stands at US$2,552, showcasing a 1.44% increase, and its market cap has surged to US$308 billion.
Notably, Ethereum price dominance against Bitcoin has experienced a substantial uptick, registering a remarkable +22.4% surge in the past week. On-chain data from Santiment reveals compelling insights into Ethereum's growing strength, with the creation of 89.4K new addresses daily. The platform's increasing traction is evident, highlighted by the creation of an impressive 96.3K wallet in just the previous day. As Ethereum continues to make robust upward moves, it is closing the gap with Bitcoin and solidifying its position as a dynamic force in the evolving cryptocurrency landscape.
Ethereum's exchange supply, representing 8.06% of the total, has hit its lowest point since the cryptocurrency's inception data. This marks a significant decrease from the approximately 11% recorded at the start of 2023.
A diminishing exchange supply traditionally alleviates selling pressure, bolstering price gains for the asset. Notably, Ethereum's network growth and trading volume have surged in tandem with the asset's price increase. These on-chain metrics provide additional support for the ongoing rally in Ethereum's price, suggesting a robust and well-rounded uptrend for the cryptocurrency.
In the dynamic world of cryptocurrency, Ethereum continues to outshine as its price dominance against Bitcoin soars, marking an impressive +22.4% increase within a week. This surge is accompanied by a significant uptick in on-chain activity, with 89.4K new Ethereum addresses created daily and a staggering 96.3K wallets added just yesterday.
Earlier this week, Ethereum's daily transactions spiked to a three-year high of 1.96 million before stabilizing around 1.28 million. On-chain data analysis highlights sustained growth, with an average of 89.4K new addresses since January. This influx of new users has intensified buying pressure, evident in the drop of exchange Ether supply from 8.18% to 8.10% in the last 10 days.
From a technical perspective, Ethereum's price is poised for a significant upsurge after successfully retesting a macro breakout. Anticipating short-term targets between US$3,000 and US$3,500, as per auto-fib retracement, the coming weeks are likely to witness heightened altcoin volatility. Additionally, Ethereum's weekly RSI is on the verge of surpassing the 70 level, signaling potential bullish momentum for the second time in less than a month.
Ethereum faces a 1.74% dip in the last 24 hours, currently retesting a crucial support level at US$2,200. Despite this, the notable development lies in the dwindling Ethereum balances on crypto exchanges, signaling a bullish trend. The shift towards a reduced supply on exchanges suggests a potential strengthening of Ethereum's market position.
ETH whales have initiated a buying spree this month, anticipating an extended bull run in the new year. Data from IntoTheBlock reveals a substantial 98.52% increase in exchange outflow volume over the past 30 days. In the previous week alone, whales acquired over 100,000 ETH, totaling US$230 million. This positive sentiment persisted into the current week, witnessing a significant 240,000 ETH leaving exchanges within 24 hours, resulting in a 2.99% decrease in coins held on exchanges. According to Santiment, only 8.07% of Ethereum's total supply currently resides on exchanges, marking the lowest point in its history.
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