Following the creation of over 126,200 new Ethereum wallets on September 8, analysts predict a potential rise in ETH price, although increased exchange inflows hint at selling pressure.
Ethereum Wallet Growth
On September 8, more than 126,200 new Ethereum wallets were created, signaling rising network utility according to Santiment. The last time the figure was this high was on May 5. The following day, ETH's price crossed $2,300 and is currently trading around $2,320 (per CoinGecko).
Analyst Predictions
Several analysts support Santiment's thesis that Ethereum's price could be on the verge of a recovery. Michael van de Poppe, with over 700,000 followers, thinks that 'a bullish divergence is still valid, and a higher low has been made.' Other analysts like Yoddha and The Cryptomist also foresee a promising future for ETH.
Increased Selling Pressure
Despite the optimism, some indicators suggest potential downside for ETH. According to CryptoQuant, Ethereum's net exchange flows were predominantly positive over the past week. This shift might indicate increased selling pressure as assets move from self-custody to centralized exchanges.
While the surge in new Ethereum wallets could indicate a price increase, the rising exchange inflows suggest a potential for selling pressure. This creates a mixed outlook for ETH's future price, warranting caution among investors.
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