{"id":933,"date":"2024-10-23T23:00:23","date_gmt":"2024-10-23T23:00:23","guid":{"rendered":"https:\/\/coinsvalue.net\/blog\/5-million-strong-active-ethereum-wallets-drive-strong-momentum\/"},"modified":"2024-10-23T23:00:23","modified_gmt":"2024-10-23T23:00:23","slug":"5-million-strong-active-ethereum-wallets-drive-strong-momentum","status":"publish","type":"post","link":"https:\/\/coinsvalue.net\/blog\/5-million-strong-active-ethereum-wallets-drive-strong-momentum\/","title":{"rendered":"5 Million Strong: Active Ethereum Wallets Drive Strong Momentum"},"content":{"rendered":"

According to veteran trader Peter Brandt, Ethereum might have just seen its future looking brighter. Known for his technical forecasts, Brandt feels the altcoin is on the verge of a bullish turnaround.<\/p>\n

He’s identified an inverted Head and Shoulders formation on the daily chart of Ethereum<\/a>. This is one of the most classic buy signals in technical analysis. If ETH can hold above that neckline at $2,745, we could be looking at a breakout.<\/p>\n

\n

The most interesting chart developments I see right now
\nSee thread
\n#1$ETH<\/a> closing price chart inverted H&S pattern
\nI am flat in ETH pic.twitter.com\/OCG0GcTdxF<\/a><\/p>\n

\u2014 Peter Brandt (@PeterLBrandt) October 21, 2024<\/a><\/p>\n<\/blockquote>\n

\"\"<\/p>\n

But the excitement doesn\u2019t stop there. Data from IntoTheBlock shows that Ethereum\u2019s network is stronger than ever, boasting over 5 million active addresses across its mainnet and Layer 2 networks.<\/p>\n

Though market mood is still mixed, this statistic confirms Ethereum’s importance in the crypto ecosystem. Although some investors see Ethereum’s long-term future improving, others are worried by the short-term hazards.<\/p>\n

\n

There are now over 5 million active $ETH<\/a> addresses across the Ethereum mainnet and leading L2 networks, outpacing any other Layer 1 asset by a significant margin. pic.twitter.com\/W6JaauNvhV<\/a><\/p>\n

\u2014 IntoTheBlock (@intotheblock) October 21, 2024<\/a><\/p>\n<\/blockquote>\n

\"\"<\/p>\n

A Long-Term Play<\/h2>\n

Ethereum definitely had its ups and downs. From a price tag as low as $10 to nearly $4,900 in the past, it’s very obvious that ETH has made quite a few early believers. And while taking such wild rides can be full of gut-wrenching moments, Ethereum never failed to ensure that its core strength lies in the facilitation of smart contracts and decentralized applications in the blockchain space.<\/p>\n

However, Ethereum\u2019s cost basis for many investors has risen as the market has matured. This has made short-term gains more elusive, leading some traders to approach the market cautiously. But for those with a long-term view, Ethereum\u2019s ambitious roadmap and history of overcoming challenges continue to make it an attractive option.<\/p>\n

\"\"<\/p>\n

Ethereum: The Next Path<\/h2>\n

Ethereum’s present pricing behavior has one of more fascinating technical aspects: its interaction with the Point of Control (POC). Often considered as a significant support or resistance, this level could be crucial in deciding Ethereum’s next direction.<\/p>\n

\"\"<\/p>\n

As ETH\u2019s price hovers near this point, it suggests a possible buying opportunity for those looking at the long term. If the POC holds, Ethereum could build a solid foundation for future growth. But a break below this level might signal trouble ahead, so investors should stay cautious.<\/p>\n

Will The Bullish Reversal Hold?<\/p>\n

Brandt’s bullish prognosis gives ETH fans optimism. If Ethereum maintains over $2,745 and the inverted Head and Shoulders pattern persists, it might climb significantly.<\/p>\n

Yet, as always, it\u2019s essential to consider other market factors\u2014broader trends, technical indicators, and market sentiment all play a role in shaping the future of Ethereum.<\/p>\n

While Ethereum has its challenges, the potential for a bullish breakout is hard to ignore. Whether you\u2019re in it for the long game or watching closely for short-term gains, Ethereum\u2019s next move could be a significant one.<\/p>\n

Featured image from AFP\/Finance Magnates, chart from TradingView <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

According to veteran trader Peter Brandt, Ethereum might have just seen its future looking brighter. Known for his technical forecasts, Brandt feels the altcoin is on the verge of a bullish turnaround. He’s identified an inverted Head and Shoulders formation on the daily chart of Ethereum. This is one of the most classic buy signals…<\/p>\n","protected":false},"author":1,"featured_media":934,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[34,36,33,64,112,66,67],"class_list":["post-933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-market-news","tag-altcoins","tag-crypto","tag-cryptocurrency-market-news","tag-eth","tag-ether","tag-ethereum","tag-ethusd"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=933"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/933\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/934"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}