Ethereum price analysis: Reaching $120 could turn this into a decent bull run

Ethereum blockchain recorded 516,697 transactions in the last 24 hours which earned around $31k in fees for the miners. The volume of on-chain transactions was just above $163 million and the volume traded on exchanges was more than $2 billion.

The price moved up by 9.54% and is currently sitting at $102 meaning it broke to resistance levels at $97 and $99. If it maintains this uptrend, it could reach $108. Should that level be broken, next stop is $115.

“If ETH’ is able to make another bull flag at this level, we could start to see another big move up this week. If we reach the second resistance level around 120 within 2 days, than it’s maybe safe to say that we will see much higher prices coming weeks. Because than we could probably make a big inverse H&S as well. But before getting too excited, these patterns need a lot of conviction!!

If this bullish scenario happens, we would even see a big V shape low and could really mean something for the long term as well. The speed of the rally and the volume is extremely important. The target of the bull flag we just broke is around 110. If we are able to reach that, it’s okay to see a decent correction but nothing big though. For now it needs to stay above that red zone. ” Source

Two days ago, Ethereum blockchain had a nice record – 50 million addresses. On Saturday, the Ethereum network saw a daily increase of 168,506 unique crypto wallets, following a steady growing trend this year. With that, the highest historical daily growth of unique Ethereum addresses took place on Jan. 4, 2018, with 352,888 new addresses created on the Ethereum network.

Number of unique Ethereum addresses on Dec. 15, 2018

As Cointelegraph explains, while the unique address growth chart indicates the number of existing crypto wallets, there is also an index that shows the number of active crypto addresses, representing the number of unique sending and receiving addresses carrying out transactions on a certain day, according to the daily cryptocurrency data website Coinmetrics.

Referring to data from BitInfoCharts, the number of active Ethereum addresses has been decreasing steadily throughout 2018. Having peaked at around 1.1 million on Jan. 4, 2018, the amount of active Ethereum addresses has dropped below 1 million in mid-January, and has fallen by around 70 percent over the year — to 328,400 addresses recorded yesterday, Dec. 16.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Felix Küster

Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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