The global crypto market capitalization has surged beyond $850 billion yet again after the markets witnessed a notable jump. The top cryptos, BTC & ETH have been under tremendous pressure since the beginning of the month. With a slight release of the pressure, the Ethereum price surged beyond the pivotal levels at $1250 to reach $1270 at the moment.
Ethereum price displayed acute strength in times of crash and bearish market trend and maintianed $1000 support levels. Hence it was believed that the price may eventually re-instigate a significant upswing which appears to have materialized in the past few hours. Therefore, The price is believed to continue with a bullish trend and eventually secure levels beyond $1600 soon.
The ETH price with the recent price action sliced through the crucial resistance and if it successfully closes the day’s trade beyond these levels, then a significant upswing may knock in. However, the buying volume has diminished notably and hence it may hinder the rally in the later hours of trade.
How High Will Ethereum (ETH) Price May Rise?
Besides, the trader’s activity over the platform has risen massively as the daily active addresses have surged massively. This indicates the growing buying and selling trades over the platform regardless of the volume.
The popular on-chain analytical platform Santiment indicated the rise in the active address that may lead to a massive price jump as it did previously.
“Ethereum’s active address surged to its highest level in over weeks yesterday, and that likely factored into today’s price growth. On October 15th, the last time address spiked at this level, the price of $ETH jumped +30% over the next 3 weeks,”
Meanwhile, the ETH whale accumulation is also on the rise from the time when the asset witnessed a massive price crash recently. According to the data from Santiment, Whale activity touched new highs, registering the 5th largest in 2022. The accumulation has been surging since the FTX debacle this month.
Moreover, sharks & whales have been constantly accumulating & dumping on the coins and the number of addresses holding 100 to 100K ETH has reached a 20-month high. Therefore, considering all the above observations, and market conditions, Ethereum’s price is believed to pull another leg up of more than 30% to surge close to $1700 soon.