Ethereum Price Striving Hard To Overturn Bearish Momentum

• From its low of $1550 on September 12th, ETH has risen briefly.
• If the price rises above the $1657 resistance level then it will likely rally further.

The recent attempt to establish the Ethereum Holesky test network was unsuccessful because of a parameter mismatch. The network is still scheduled for a formal debut soon and will become Ethereum’s biggest test network, with 1.46M validator nodes, twice as large as the primary network.

The release of Holesky marks a major stride forward for Ethereum in the shift to ETH 2.0, moving user’s one step closer to a blockchain that is both more scalable and safe.

Santiment, an on-chain analytics provider, surprised everyone on September 14, with new information. The twitter post stated that the second-highest daily total of unique addresses transacting on the network had been attained, according to the tracker.

On September 14, a massive 1,089,893 distinct wallets sent or received ETH on the Ethereum network, the second biggest figure in the asset’s over 8 year of existence. As a result of this unprecedented occurrence, prices may now be ready to recover.

Transaction Volume Declines

From its low of $1550 on September 12th, ETH has risen briefly indicating a change in momentum. At the time of writing, the price of ETH is $1635 and is up 0.56% in the last 24 hours as per data from CMC. The volume is down 8.26% indicating that investors and traders are staying away for the time being, waiting for a clear indication.

If the price rises above the $1657 resistance level then it will likely rally all the way till $1737. On the other hand, if the ETH price falls below $1542 then a fresh decline is on the cards. It will then likely test the $1434 support level.