Assessing whether Ethereum’s [ETH] price rally is imminent in the short term

Ethereum [ETH] has seen a surge in its count of daily active addresses. The past few days have been marked by increased ETH accumulation. On 28 November, for the first time since 15 October, the number of unique addresses that traded Ethereum [ETH] daily clinched a high of 497,300 addresses, data from Santiment showed. The […]

The surge in the number of daily active addresses on the network represented the highest level in over six weeks. This contributed to the 10% intraday price rally in ETH’s price between 28 and 29 November.As gleaned from data obtained from Santiment, when the number of active addresses that traded ETH rallied to a high of 513,330 addresses on 15 October, ETH’s price went up by over 30% in the three weeks that followed.

On a daily chart, the position of ETH’s Moving Average Convergence/Divergence indicator revealed that the alt commenced a new bull cycle on 26 November. This was when the MACD line intersected with the trend line in an uptrend and has since posted only green histogram bars, albeit short. Furthermore, buying momentum for the alt has also grown since the bull cycle began. ETH’s Relative Strength Index grew from 42 on 26 November to lie above the 50 neutral region, at press time. The RSI was spotted at 51.21.

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