Ethereum's price surged on Wednesday, rising 1.3% on positive comments from the network's co-founder Vitalik Buteri. However, the price of the cryptocurrency shows a decrease of 0.8% in the last seven days. Other digital assets, including Bitcoin, Cardano and TRON, also posted small gains, potentially indicating a stronger bull trend is on the way.
Vitalik Buterin shared a bullish image on the X platform with the caption “Ethereum is good” causing the price of ETH to breach the $2,600 resistance level. Following this announcement, the price of Ethereum rose rapidly, with the possibility of reaching $3,000 this week under the right conditions.
However, according to data from Santiment, the growth of the Ethereum network is slowing down. On August 20th, only 88.8k new addresses joined the protocol, which is significantly lower than the 196.72k addresses registered on May 5th. It is noted that this decrease in the network growth metric could slow down the expected increase in the price of ETH and cause the price to fall towards the $2,326 support level.
Experts believe that the price of Ethereum will consolidate at $2,600 and if the daily close occurs above this level, traders will be more interested in buying ETH. The next targets are $2,800 and $3,000 levels. Market participants will have to watch the balance of demand above $2,500 and supply below $2,800, a break of either side of this range could result in Ethereum price either rising towards $3,000 or falling towards $2,326.
