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The leading smart contract platform Ethereum (ETH) is trading on a downward trend following a generally volatile and uncertain market movement ahead of the FOMC meeting. During the day, ETH’s price fell by 1.5% to $2,300, trying to stay above the 50-day EMA trend. Despite the uncertain technical outlook for recovery, Ethereum’s fundamental developments, especially the eagerly awaited 2024 hardfork upgrade named Dencun, continue to progress.
A Turning Point for Ethereum
The latest turning point for Ethereum could be the successful launch of the Dencun upgrade on the Sepolia test network, which may be a significant step forward. Proto-danksharding is a critical development that aims to reduce transaction costs on Layer 2 blockchains and lower data availability expenses.
In the midst of a correction following the ETF, Ethereum’s price fell by 20% from $2,714 to $2,171. During this decline, the cryptocurrency’s price broke the support trend line of the expanding channel pattern that had supported its recovery over the last three months. Although this distribution initially indicated a potential long-term correction, the price encountered new buying interest around $2,200. The mentioned support led to a 6% increase in Ethereum’s price within a week, allowing it to regain the previously breached support level.
Ethereum Address Numbers
The mentioned analysis could lead to an increase in buying activities and could encourage a new recovery trend in the market. Additionally, according to the crypto analytics firm Santiment, Ethereum’s network is exhibiting significant growth recently. The Ethereum ecosystem, with 101,000 new Ethereum addresses being created daily and 484,000 unique addresses actively interacting with the network, could expand impressively fast.
Particularly noteworthy is the speed of this growth, as the daily network expansion is now 28% faster than just three months ago. If the aforementioned channel model materializes, ETH‘s price may need to lead a rise to retest the general trend line at the $3,000 level. The rising price could face resistance between $2,430 and $2,700.
