This week, there has been a significant increase in Ethereum user activity, accompanied by various price forecasts for the cryptocurrency.
Surge in Ethereum Address Activity
The number of active Ethereum addresses surged to 841,100, marking the highest level in the past year. This surge occurred against the backdrop of ETH's price slipping below the $3,500 mark. These statistics, derived from an analysis by Santiment, indicate that users are becoming more active despite price volatility in the cryptocurrency market.
Arthur Hayes' Price Predictions for Ethereum
Arthur Hayes, co-founder of BitMEX, projected that the price of Ethereum could plunge to $3,000 amid the actions of the new U.S. Tariff Bill and tight market liquidity. He also predicted that Bitcoin could rise to $100,000. Meanwhile, Hayes sold 2,373 ETH worth $8.32 million, prompting discussions about a potential bearish position.
Whales Accumulate Ethereum
Addresses belonging to major Ethereum holders have seen a significant increase in accumulation, a trend not observed in recent years. Data from CryptoQuant shows a striking increase in inflows to so-called 'accumulator' wallets, which are linked to large holders or institutions. This rise in activity may signal a renewed interest in ETH from big investors.
The increase in user activity on Ethereum and individual analysts' forecasts indicate mixed dynamics in the cryptocurrency market. Despite negative price expectations, the growing activity and purchasing power of whales may suggest a potential for stabilization and growth in the future.
