Ethereum Network Growth Hits 4-Month High, ETH Price May Surge to $3,900

On September 10, market intelligence platform Santiment revealed positive developments in the Ethereum network through its post on X (formerly Twitter). According to data from SanbasePro, Ethereum’s network growth has significantly increased, indicating a resurgence in activity and a potential bullish trend for the cryptocurrency.

On September 8, approximately 126,210 new wallet addresses were created on the Ethereum network. Notably, despite Sunday typically being the least active day of the week, the network achieved its highest growth in four months, marking a new milestone.

Crypto analyst and trader Tardigrade noted that Ethereum’s price action has entered a “double-bottom” pattern, with the “W structure” potentially signaling a price reversal. This reversal could push Ethereum’s price up to $3,900.

However, another crypto analyst, Ali Martinez, highlighted that Ethereum whales may have lost interest in the cryptocurrency, pointing out that they stopped accumulating ETH in early July and have since shifted towards selling or redistributing their holdings.