Ethereum showcases significant trading patterns that attract attention from investors and users alike. With growing active users and optimistic sentiments among experienced investors, further growth to $3700 is anticipated.
Analysis of Current Ethereum Trading Patterns
After taking liquidity below a key level, Ethereum’s price action surged and broke through the resistance area near $2,650, aiming towards the zone around $3,200. If Ethereum can sustain above this level, the price might reach $3,700, representing a significant resistance in the current bullish momentum. Conversely, failure to hold may lead to a retracement towards $3,000, potentially serving as a crucial support zone.
Ethereum Ecosystem Daily Users and Transactions
Recent data shows a robust increase in daily active users and transaction counts within the Ethereum ecosystem. As of the third quarter of 2024, approximately 2.7 million active users and over 1 billion transactions were recorded. This volume indicates not just active trading but also an increase in decentralized applications usage, enhancing the network's development.
Sentiments Among Retail and Experienced Investors
Sentiment data indicates that 'smart money' or more informed investors express significant optimism while the general market remains steady. Smart money sentiment is marked at 2.28 on a 5-point scale, reflecting high confidence. This optimism might aid Ethereum’s price growth towards $3,700.
Considering current trading patterns, an increase in the user base, and positive sentiments among seasoned investors, Ethereum is projected to continue its upward trajectory. The key levels of $3,200 and $3,700 remain pivotal for its future price direction.
