ETH’s Recovering Network Growth Sees Its Price Gain Against BTC

• Santiment revealed in a tweet today that ETH gained more than 4.9% against BTC in the past month.
• The firm attributed ETH’s strong price performance to its recovering network growth towards the end of July.
• At press time, however, ETH was down 1.93% to trade at $1,828.24.

Santiment, the blockchain intelligence firm, revealed in a tweet this morning that Ethereum’s (ETH) price has gained more than 4.9% against Bitcoin (BTC) over the past month. According to the post, the rebound in Ethereum’s network growth was the main contributing factor to the altcoin’s price gain.

The tweet added that Ethereum recorded 450K addresses, which was the highest number of addresses on the network in 2 weeks. Furthermore, 80K new addresses were created towards the end of last month.

At press time, ETH was changing hands at $1,828.24 after it dropped 1.93% during the past 24 hours, according to CoinMarketCap. This negative daily performance also caused its weekly performance to dip into the red to -1.29%. BTC experienced the same fate in the past day of trading. Despite this, BTC still outperformed ETH as its price only dropped 1.66%.

ETH’s 24-hour daily volume had increased even though the altcoin experienced a loss during this period. At press time, the total volume for the cryptocurrency stood at $5,531,723,800, which was a 20.20% increase compared to the previous daily cycle. Notably, ETH’s trading volume was the third highest amount of volume in the cryptocurrency market.

From a technical perspective, ETH had fallen below the crucial support level at $1,850 over the past 24 hours. If the altcoin fails to close today’s daily candle above this significant support level, then it may be at risk of retesting the next support level at $1,790 in the following 24-48 hours. Continued sell pressure could force the cryptocurrency’s price down to $1,750 as well.

On the other hand, if ETH succeeds in closing today’s trading session above the aforementioned $1,850 mark, then it may attempt to challenge the next major resistance level at $1,890 in the coming couple of days. Traders will just want to take note of the fact that a medium-term bearish technical flag was at risk of being triggered.

At press time, the 20-day EMA line was looking to cross below the 50-day EMA line. Should these two technical indicators cross, it will signal that sellers have the upper hand for the next few weeks. This may invalidate the bullish thesis and ETH’s price will most likely continue to drop in the upcoming week.

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