CandleFocus Ethereum Activity Spikes, but $3,000 Remains Out of Reach
2024-10-14
Author: Content Editor
The Ethereum network has seen a surge in activity with an increase in daily active addresses and new accounts. However, the price of Ethereum (ETH) has faced selling pressure as traders continue to sell off the altcoin, raising concerns about its short-term outlook. The increase in network activity is seen as a positive indicator for ETH's price, but its price reaction has remained muted due to continued selling by holders. The negative Chaikin Money Flow indicates more selling than buying of ETH. Currently trading at $2,465, ETH's price may drop to $2,353 and further to $2,111 if selling activity strengthens. However, a spike in new demand could invalidate this bearish projection and drive the price to $3,102.
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