Recently, the blockchain analytics firm Santiment reported that the number of Ethereum (ETH) exchange addresses interacting on the network has reached a new high since November 2020. Furthermore, ETH is showing indications of a possible breakout over $2,000 in the near future.

The news follows Santiment's report yesterday, that the number of active deposits on Ethereum peaked at an 8-month high. In addition, Santiment had predicted that such an increase in ETH’s activity would lead to a more volatile market.

At the time of writing, the price of ETH is $1,939.38, representing a 2.20% rise. Weekly performance is up by 2.03%, while daily trading volume has shot up by 53.38% at $10,396,326,975. Comparing this increase to the market leader Bitcoin (BTC), Ethereum saw a 1.51% increase in the same time period.

The recent surge has pushed ETH above the key resistance level at $1,960, with a potential for the price to break $2,000 in the next 24-48 hours. Bullish sentiment is supported by a crossover between the 9-day and 20-day EMA lines. If ETH fails to close above $1,960 today, however, it is expected to retrace to around $1,800.

All in all, the recent market activity points to an overall bullish trend in Ethereum prices. Investors should take this into account before making decisions, and remember to do thorough research and due diligence before investing.



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