Ethereum’s price recently climbed above $4,000, but has since leveled off. Analyst Burak Kesmeci, however, sees a positive future for the cryptocurrency.
Increased Activity on the Ethereum Network
Kesmeci points to a significant increase in Ethereum’s active addresses as a key indicator of sustained growth. Since the US elections in November, active addresses jumped 36.26%, from 306,000 to 417,000. This surge, he argues, shows genuine, organic interest in Ethereum, suggesting the price increase isn’t just hype. He considers this a “healthy and sustainable” rally, predicting long-term price growth.
Ethereum’s Current Price and Potential Future
Currently, Ethereum trades around $4,006, down slightly in the last 24 hours. Despite this minor dip, long-term investors are still seeing healthy returns. If Ethereum breaks through the $4,100 resistance level, it could potentially reach its all-time high near $4,900.
Other Positive Indicators
Beyond the increase in active addresses, other factors contribute to the bullish outlook for Ethereum. These include significant inflows into Ethereum spot ETFs (a total of $1.41 billion) and the anticipation of an “altseason” (a period of strong growth for altcoins) potentially starting in early 2025. All of this paints a positive picture for Ethereum’s future.
