Related Reading: Bitcoin Confidence Grows As Binance Data Highlights Surprising Market Trends Ethereum Records Eight-Month High Network Growth In other developments, the prominent blockchain analytics platform Santiment reports Ethereum is experiencing an impressive level of renewed market interest. In a recent X post, Santiment states that an average of 130,200 new addresses are being created on the Ethereum network each day in December – the highest ever since April. This rise in new wallets suggests an influx of retail and institutional investors as evidenced by multiple developments including Ethereum’s price performance in Q4 2024, a booming DeFi ecosystem as well as the recent bullish performance of the spot Ethereum ETFs.
Furthermore, despite Ethereum’s struggle to make any meaningful breakout past $4,000 so far, investors purchasing massive amounts of ETH at high price levels indicates market confidence in the asset’s ability to move past the presented resistance and sustain its price growth. However, it is worth noting that Ethereum losing this support zone due to an overwhelming bearish sentiment will result in immediate substantial losses that can induce a further price decline.
ETH Bulls Form Strong Support At $3,700 – $3,810 In an X post on December 14, crypto analyst Ali Martinez revealed the formation of a critical support zone in the Ethereum market.
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