TL;DR

• Over 126,200 new Ethereum wallets were created on September 8, signaling rising network utility and potential price growth for ETH.
• While some analysts predict a bullish move for the asset, increased exchange inflows suggest possible selling pressure and caution for bulls.

Ethereum’s Advancement

Crypto analytics platform Santiment revealed that over 126,200 Ethereum wallets were created on September 8. The last time the figure jumped so high was on May 5.

The entity claimed that the resurgence is a signal of rising network utility and a precursor for “price bounces from the $2,000 – $2,300 level.” It is worth noting that the following day, ETH’s valuation crossed $2.3K and is currently trading at around $2,320 (per CoinGecko’s data).

Several analysts support Santiment’s thesis that Ethereum’s price could be on the verge of a revival. Michael van de Poppe (an X user with over 700,000 followers) thinks a “bullish divergence is still valid, and a higher low has been made.” The crypto enthusiast assumed that the downtrend observed in the past months might be broken to the upside, describing the potential move as “a significant push for the entire market.”

Other analysts who recently