We are seeing a lot of divided opinions on the price of Ethereum (ETH) lately. However, what is also noticeable is a key trend in ETH price which may soon spark a rally and help ETH get over $160.
This morning, the ETH news show that Ether is one of the market leaders with 7% gains in a relatively short timeframe. All of this started when the cryptocurrency made another attempt to surpass the $145 level and the resistance against the US dollar, but failed in doing so.
This is when the ETH price formed a swing high near the $146 level and declined below $142. However, this decline was protected by the main $140 support level and the 100 hourly simple moving average. The price is currently rising and trading nicely above the $153 level.
So, we witnessed a great price run by Ether (ETH) and a key trend in ETH price was formed. There was a break above the 50% Fib retracement level of the recent decline and ETH managed to go to $145 and then $153 very quickly. These indicators show that the price of Ether is now one of the cryptocurrencies with the strongest momentum in the crypto news today.
Another very important and interesting detail in the Ethereum news comes from the network behind Ethereum. According to stats, the growth rate of the Ethereum (ETH) network is rising noticeably, something which indicates that the long-term outlook of Ethereum remains highly positive.
Since January 2020, the Sentiment Ethereum addresses chart shows an increase from 40,000 to over 70,000 within four months. All of this suggests that more users are utilizing the Ethereum blockchain network.
For any blockchain network, unique address growth is a crucial and fundamental factor for medium to long-term watch. The key trend in ETH price may also derive from this, and high profile investors such as Brian Kelly have consistently used this statistic to predict the price trend of major cryptocurrencies such as BTC and ETH.
Since late 2019, we have seen an explosive rise in the popularity of decentralized finance (DeFI) platforms for loans which use ETH as collateral. All of this made the ETH price go up and fuelled the demand for this coin.