Surges

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Since the past few days, Ethereum price action has been nothing but quite stunning after breaking past the key $2,400 resistance level that previously hampered upside attempts. ETH’s breaking past this level has provided some sort of stability to the current upward trend as the altcoin continues to record significant gains.

A Historic Ethereum Daily Price Surge

With the broader crypto market recovering strongly, Ethereum seems to have found its footing alongside other major digital assets. Considering its recent move, seasoned market expert and host of the Crypto Banter show, Kyle Doops, claims that Ethereum has jolted back to life, indicating a resurgence of a bull market trend.

Kyle Doops made the assertion due to ETH’s remarkable performance on Thursday, pushing past the crucial $2,600 barrier range. This notable move is attributed to the renewed investors’ interest in altcoins in light of shifting market dynamics.

According to the market expert, the altcoin has pulled an over 50% price increase from the $1,800 mark to $2,700 after trailing the entire cycle. ETH’s growth within this price range was mainly bolstered by the recent integration of the Ethereum Pectra Upgrade, which was launched on May 7.

ETH records biggest daily gains | Source: Kyle Doops on X

The Pectra Upgrade is a key update in the Ethereum network consisting of two major aspects meant to enhance scalability and efficiency. Furthermore, the upgrade marks the blockchain’s most significant change made to the network since the Merge was launched in 2022.

After navigating the ETH Daily Price Performance metric, Kyle Doops revealed that the altcoin recorded more than a 21.8% rise in under 24 hours. It is worth noting that this sharp move is the biggest daily gain Ethereum has experienced since May 2021.

Given the robust bullish sentiment in the crypto market, the expert is confident that Ethereum might be waking up from its prolonged slumber, suggesting the potential beginning of a new bull phase for the crypto giant. 

ETH’s Active Addresses Count On The Rise

Ted Pillows, a crypto enthusiast and investor, asserted that ETH is waking up, with its eyes set on reclaiming the $2,664 once again. Pillows is confident about ETH’s short-term performance as the weekly active addresses on the Ethereum network increase sharply, suggesting that upside momentum is building. 

Data shows that the number of weekly active addresses has risen to 15.65 million. Specifically, this growth in active wallets reflects investors’ strong adoption and conviction in the network, which could set the stage for a more sustainable increase in ETH’s price.

Pillows remain extremely bullish in Ethereum’s future action, stating in a previous X post that a huge rally to the “$6,000 milestone isn’t a question of if, but when.” His prediction is due to the fact that ETH has not looked back since its deflationary shift in September 2022, and the next rally may just be “the most hated one ever.”

ETH trading at $2,671 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from Getty Images, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Source link