💥💥💥 Ethereum Slides But Flips #bitcoin☀️ In This Key Metric: Time To Load Up?
Ethereum Sees Sharp Decline But User Growth Outpaces Bitcoin
Ethereum ($ETH ) is down nearly 35% from its July highs and roughly 40% from its 2024 peak. While some investors remain hopeful for a breakout, the short-term trend continues to favor sellers.
On the daily chart, ETH is struggling to build momentum and surpass the $2,800 level. Sellers have consistently halted any upward moves, and with ETH currently capped below $2,500, it faces mounting selling pressure similar to the late-August dip. Despite this, analysts from Santiment have highlighted a positive trend.
Ethereum Gains More Users Than Bitcoin
According to a post by Santiment on X, Ethereum's network has shown surprising resilience in the face of price drops. Over the past three months, Ethereum's unique address count has steadily grown, outpacing Bitcoin.
As of September 3, Ethereum had more than 126.96 million unique wallets, marking a 3.3% increase. In contrast, Bitcoin saw a slight decline, with 54.18 million wallets, down by 0.1%. USDT, the popular #stablecoin , also experienced growth, with its addresses up 4%, reaching 5.99 million.
This increase in Ethereum addresses signals rising confidence and adoption of the network, even in tough market conditions. The rise in USDT addresses indicates that traders are converting their assets into stablecoins, likely as a hedge during market uncertainty.
Declining Whale Activity for Bitcoin and Ethereum
Despite the uptick in user growth, whale activity has been declining for both Bitcoin and Ethereum. Whale transactions have tapered off since #Q1 2024, following the surge in prices and interest sparked by the approval of spot Bitcoin ETFs in the U.S.
As prices continue to contract, Santiment analysts predict a further drop in whale activity unless there is significant price volatility in Bitcoin or Ethereum, potentially driving prices above key liquidation levels.
Source - newsbtc.com
