ETH/USD currently trades within an ascending triangle pattern and could see a breakout to highs of $770 by end of December
Ethereum price could surge to highs of $750 within the next two weeks if bulls breach a major resistance level. The smart contracts platform could also see the value of the native digital asset spike by 25% or more given historical price action over December months.
At the time of writing, Ethereum price is trading around $583, about 2% down on the day. Bulls are battling downward pressure within a critical technical pattern, a scenario that could prove pivotal to the short term plans for both bulls and bears.
ETH Network Growth
The stalling of ETH/USD near $583 comes as on-chain data from analytics firm Santiment suggests bullish sentiment with respect to a new daily active address record.
According to the firm: “The number of new Ethereum addresses hit a single-day, 35-month high Saturday. Our network growth metric picked up ETH reaching 177.5k addresses created. Notably more addresses interacting on an asset’s network is a very promising indicator for bulls”.