Ethereum Price Could See Massive Surge

According to the latest reprots, it seems that ETH could be seeing some pretty important moves above. Check out the latest reports about this below.

At the moment of writing this article, ETH is trading in the red, and the coin is priced at $28,935.

A leading analytics firm says that Ethereum (ETH) is flashing a bullish on-chain signal as traders pile into the leading smart contract platform.

Santiment says that Ethereum is witnessing a strong surge in active deposits. Just in case you don’t know this is a metric that tracks the number of unique deposit addresses on an exchange that have been active on a particular day.

According to Santiment, Ethereum has hit 20,000 active deposits for the first time since November 2021 as traders rotate their profits from red-hot memecoin Pepe (PEPE) to ETH.

“Exchange addresses interacting on the network is now at its highest level since November, 2021. As expected, ETH is showing decoupling signs and on the cusp of breaking $2,000 once again.”

Pepe, a frog-themed memecoin, is up an eye-popping 4,543% from its all-time low of $0.00000005, which it hit less than three weeks ago, as the online publication the Dialy Hodl notes.

A popular analyst believes that Bitcoin (BTC) and Ethereum’s (ETH) turnaround this year is likely to continue. This will probably be happening despite the recent correction in the broader crypto markets.

In a new YouTube video, analyst Michaël van de Poppe said that he sees Bitcoin retracing to as low as $26,600 before resuming its uptrend.

“Bitcoin is going to look at a level that we need to sustain. In that case, we need to look at anything between $26,600 and $28,000 as potential entry zones. Those need to support itself. If we do, we can just continue (the uptrend), and you know markets take time before they are going to be rallying again.”