The market saw a small rise after Federal Reserve Chairman Jerome Powell’s commes on ierest rate hikes in December; However, the general trend did not change much. Meanwhile, analyst firm Seime says that the growth of a key indicator in China could be a bullish signal for the Ethereum price to rise in the coming weeks.
According to the report of DailyHodle, according to Seime, the increase in the activity of addresses in the network can be a sign for the jump in the price of Ethereum; A metric that measures the number of unique addresses that transact per day.
The number of active Ethereum addresses yesterday reached its highest level in more than six weeks, and this is likely to have coributed to the rise in the price of Ethereum today. On October 15, the last time the number of active addresses increased to this level, Ethereum price jumped 30% over the next three weeks.
Seime also noted that the number of Ethereum whales and sharks, wallet addresses with balances between 100 and 100,000 ETH, has been increasing since the collapse of the FTX exchange in early November (mid-November).
The number of major Ethereum key addresses has increased since the FTX crash in early November. The image represes the key momes in which the addresses of the sharks and whales were in the accumulation or selling phase. The number of addresses with 100,000 to 100,000 ETH has reached a 20-moh high.
At the time of writing this report, the price of Ethereum is trading in the range of $1,287.
Seime also closely monitors Bitcoin’s Social Dominance; An index that tracks the share of cryptocurrency king-related discussions in digital asset media. According to the firm’s analysis, right now, BTC’s social media dominance is lower than average, indicating that rece stability in the broader cryptocurrency markets is likely not sustainable.
Bitcoin’s social dominance is still low; Because traders don’t seem to be ierested in the number one digital currency, while altcoins have seen more price volatility in the past week or two. The high social dominance of Bitcoin is one of the basic elemes for the price increase of all digital currencies.
The price of Bitcoin is also fluctuating in the range of $17,135 at the time of writing this report.
