It was just yesterday that Ethereum, the second largest cryptocurrency by market cap, had slightly moved upwards as the currency was just a few figures below reclaiming $1,400 area.However, the bulls failed to push the Ethereum price beyond $1,400 resistance as Ethereum started its downward trend right after hitting the high of $1,399. At the time of writing, Ethereum is selling at $1,323 with a fall of 4.41% over the last 24hrs. At present the immediate resistance lies at $1,330 and support near $1,320. If ETH continues its price action above $1,330 there is a high chance that the currency will reclaim $1,380 level.While the Ethereum price struggles for bull run, the network experienced a drop in its new Ethereum addresses as the daily addresses saw a decline of nearly 50%. The same is explained by crypto analyst and expert, Ali Martinez via Twitter.#Ethereum | The number of new $ETH addresses created per day took a significant hit over the past 24 hours, dropping by more than 50%. Generally, a steady decline in the number of new addresses created on a given blockchain leads to a steep price correction over time. #ETH pic.twitter.com/ftrMJqWp0P— Ali (@ali_charts) September 28, 2022 As explained in his tweet, the expert believes that whenever there is a drop in ETH addresses, there is an impact on Ethereum price as well pointing towards further price crunch.Ethereum Price At $1,578 By OctoberOn the flip side, the most active community, the CoinMarketCap community, is predicting that the lead altcoin, Ethereum, will hit a high of $1,578 by October 31, 2022. This price target had received a vote of nearly 2,244 on September 27, 2022It’s just not that, there is an increased interest rate for Ethereum seen through Google search which surged by 16% from the past 2021.Interestingly, as of September, 51% of Ethereum holders are in profit and only 46% are in loss.Was this writing helpful?
