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Ethereum Active Addresses Surge By 36% In Support Of Bullish Price Action â Details Shortly after surging above $4,000 on December 6, Ethereum (ETH) has sunk into a state of consolidation showing no significant price action over the last day. With growing speculations over the altcoinâs next price movement, CryptoQuant analyst Burak Kesmeci has shared a report that suggests a sustained price rally by Ethereum. US Election Results Drive Ethereum Active Addresses To 417,000 Following the US elections of November 5, Ethereum, alongside a host of other cryptocurrencies, has experienced massive price gains driven primarily by the emergence of pro-crypto candidate Donald Trump as the US President-elect. According to Burak Kesmeci, the results of the US elections removed much uncertainty around the crypto market while encouraging investment as evidenced by price gains of several tokens. Notably, Ethereum, known as the âFather of altcoinsâ, has recorded a price growth of 70% since November 5 reaching a local peak of $4,077. As with all price rallies, there is continuous speculation on Ethereumâs ability to maintain its current upward price trajectory. Joining the discourse, Kesmeci has drawn a bullish inference from the assetâs change in active address. The CryptoQuant analyst highlights that during Ethereumâs recent price surge, active addresses on its network increased by 36.26% from 306,000 on November 5, to its current value of 417,000. This development indicates that the price increase of Ethereum was based on an equal rise in organic demand and market interest by investors and blockchain users. In conclusion, Burak Kesmeci states the growth in Ethereum active addresses backs the recent price rally as âhealthy and sustainableâ. Importantly, it is also a bullish signal that indicates ETH is likely to experience a long-term price surge.
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The current environment suggests that Dogecoin is likely to continue ranging below $0.50 in the near term. However, if bulls can muster the strength to break above this critical level and sustain it for a few days, a massive breakout could be on the horizon. Breaking and holding above $0.50 would likely signal renewed buying interest, setting the stage for a strong rally. The bullish market conditions driving other major cryptocurrencies could also work in Dogecoinâs favor, provided that overall sentiment continues to improve. Still, traders should watch for clear confirmation of a breakout before expecting significant price movements. A failure to break and hold above the $0.50 level could result in prolonged consolidation, delaying any meaningful upward momentum. For now, all eyes are on whether DOGE can capitalize on the broader marketâs optimism and make a decisive move toward higher price targets.
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However, the dynamics of meme coin markets suggest caution. Santimentâs analysis shows that when social dominance for these tokens spikes significantly, it often signals a market top. Whales typically capitalize on heightened retail enthusiasm, offloading their holdings at inflated prices. This pattern frequently results in a sharp retrace as prices correct following the sell-off. Santiment also shared a comparative chart tracking social dominance across these meme coins, highlighting past instances where peaks in attention preceded pullbacks. For Dogecoin, maintaining its current momentum while avoiding overbought conditions will be critical to sustaining its rally. Price Testing Fresh Supply Dogecoin (DOGE) is currently trading at $0.46, following a failed attempt to break decisively above the $0.48 level. The price remains in a consolidation phase, struggling to build enough momentum to push beyond the psychological $0.50 mark. Despite this, the broader market sentiment remains bullish, offering a supportive backdrop for potential price advances.
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#ETH Pseudonymous crypto trader Pentoshi said in a Dec. 9 X post to his 830,900 followers that Ether âis having structural changes as well as the beginning of consistent and large ETF flows.â Pentoshi highlighted that Ether had its âhighest weekly close of the yearâ and echoed Adamsâ sentiment, suggesting a retest of its all-time high could happen sooner than many traders anticipate. âThere is not much resistance from here to ATH, which should act as a magnet. Above that is clear skies,â Pentoshi said. Pseudonymous crypto trader Poseidon said there may be significant gains that Ether market participants arenât expecting. Ether recently touched $4K for the first time in 9 months âETH is about to break out of its 4-year, 1,460-day range to the upside. Much higher, far beyond your worst nightmares,â Poseidon said in a Dec. 9 X post. It comes only days after Ether broke past the $4,000 price level for the first time since March 2024. Analysts have recently predicted that Etherâs underperformance against Bitcoin may be coming to an end. âI think the ETH/BTC collapse is over (or nearly over), and it should go higher over the next 6-12 months,â Into The Cryptoverse founder Benjamin Cowen said on Dec. 4. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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