Amidst the lull in the realm of Bitcoin, Ethereum emerges as a trailblazer, confidently charting its course. While the crypto king takes a breather following its ETF approval, Ethereum, undeterred, is experiencing a surge in both price and dominance, propelled by an influx of new users and the prevailing trend of self-custody.
Recent data from Santiment vividly illustrates Ethereum’s ascendancy. The platform’s price dominance, reflecting its market share in comparison to all other cryptocurrencies, has witnessed a remarkable surge of 22.4% within a mere week.
Ethereum’s Remarkable Surge: Growing Community, Strong On-Chain
This surge is not merely a passive spectacle; Ethereum is actively attracting an astonishing 89,400 new addresses on a daily basis, with an unprecedented 96,300 joining the Ethereum community in a single day.
Source: Santiment
This momentum is not solely about acquiring new participants; it’s about retention. Ethereum’s exchange supply, representing the quantity readily available for sale, is approaching its historical low of 8.05%. This shift signals a notable move towards self-custody and staking, mitigating the immediate risk of a substantial selloff and fortifying Ethereum’s price floor.
The on-chain strength witnessed translates into tangible market action. Following a brief dip that tested the $2,500 support, Ethereum not only stabilized but turned this once-resilient level into a launchpad.
Ethereum currently trading at $2,556 on the daily chart: TradingView.com
Analysts are now setting their sights on the $2,700 barrier as the gateway to unlocking a potential price surge, with FOMO (fear of missing out) traders anticipated to join the rally. Beyond this juncture, the horizon appears boundless, with $3,400 emerging as an enticing target.
Caution Amid Excitement: Ethereum’s Unpredictable Trajectory
Yet, amid the excitement, an air of caution permeates the volatile crypto landscape. A breach below the “hammer” formation that materialized on Monday holds the potential to send Ethereum plummeting towards the 20-Day EMA (exponential moving average) at approximately $2,300.
Traders are poised on tenterhooks, meticulously monitoring these crucial levels to decipher the forthcoming trajectory of Ethereum’s journey.
One undeniable truth emerges: Ethereum is casting off the shadow of Bitcoin and carving out its unique path. With an increasing dominance, a fervent user base, and a focus on…
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