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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”.

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