Ethereum Price Prediction: ETH ''Promising'' As Unique Addresses Hit Highest In Two Months, But Experts Say This Dark Horse Might 10X

Ethereum Price Prediction: ETH ”Promising” As Unique Addresses Hit Highest In Two Months, But Experts Say This Dark Horse Might 10X

ByAli Raza

Updated: 23 November 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The Ethereum price has seen a 4% surge in the past 24 hours, trading at $2,087 at 5 AM ET as part of recent positive momentum that has brought the number of unique active addresses to a two-month high.

Ethereum Looks “Promising” As Active Addresses Reach Two-Month High

Ethereum price’s recent surge has caught the eyes of experts interested in investigating the coin’s performance.

After looking into the details of the network, analytics firm Santiment shared that the second-largest crypto asset by market cap has seen a significant surge in address activity.

The firm said that ETH is showing promising signs, as the rise in active addresses has skyrocketed lately to the point where it reached a two-month high. That does not only include addresses sending ETH to the exchanges, however, which is positive news.

📈 #Ethereum is seeing a major rise in address activity to start the week, reaching its 2nd highest daily level since mid-September. The fact that this spike doesn't coincide with coins moving to exchanges, as it did on the Nov. 9 top, is a promising sign. https://t.co/eVAb4tPhIn pic.twitter.com/ix6GkBdINs

— Santiment (@santimentfeed) November 20, 2023

In its report, Santiment noted that approximately 8% of Ethereum’s supply is present on exchanges, an all-time low for the coin. It suggests that traders and investors are stashing ETH in their wallets, likely expecting a price increase.

With the coin’s price back above the $2k mark and the addresses accumulating ETH — with the largest ones earning over 30% of the coin’s total supply over the last year — it is clear that traders expect the coin’s price to go up.

Demand for ETH derivatives is also rising, according to an analyst, Maarten Regterschot, whose analysis suggests that the market is actively buying Ethereum futures.

Someone(s) are TWAP-buying on Ethereum futures

This linear growth in open interest indicates systematic buying over a certain period. There is $700 million added so far. pic.twitter.com/GCXK8u5yLL

— Maartunn (@JA_Maartun) November 22, 2023

What Does This Mean For The Future Of Ethereum’s Price?

With the rise in active addresses, a surge in demand, and ETH supply on exchanges at an all-time low, experts believe Ethereum is preparing to see a massive rally that could potentially take the coin to the $3,000 mark shortly.

The bullish predictions are also supported by specific technical indicators, such as the golden cross patterns caused by the 50-day EMA crossing above the 100-day EMA and the 200-day EMA around two weeks earlier.

Of course, Ethereum will still face challenges despite having perfect conditions for growth, with one of the biggest being a crucial resistance at $2,130—meanwhile, the level at $2,000 needs to start acting as a robust support level.

So far, ETH has been sinking under this level too often for it to be considered reliable, although this, too, could change relatively soon.

Bitcoin Minetrix Could Outperform Even ETH

While Ethereum is currently in good condition for further gains, opportunity seekers might benefit even more by considering a new token called Bitcoin Minetrix (BTCMTX), currently in the middle of a presale.

One of the hottest presales of this fall, the project managed to raise over $4.2 million as of the time of writing, with its native token currently selling at $0.0118.

#BitcoinMinetrix bringing essential news!

Over $4,200,000 raised! 🔥 pic.twitter.com/QWHKasvilZ

— Bitcoinminetrix (@bitcoinminetrix) November 21, 2023

Buyers are getting heavily invested in the project’s success because it offers to deliver a fully decentralized cloud mining platform for Bitcoin.

With high levels of decentralization and transparency, any risk of the project being a scam like so many other cloud miners is eliminated, and that is precisely what the project had set out to achieve.

Meanwhile, Bitcoin is about to see another block rewards halving next April, so mining demand is at an all-time high, mainly because everyone expects the halving to be followed by another massive rally that might take BTC to a new ATH.

You can buy Bitcoin Minetrix here.

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