Ethereum gains value against BTC thanks to network growth

Blockchain analytics firm Santiment revealed in a tweet this morning that the price of Ethereum (ETH) has gained more than 4.9 percent against Bitcoin (BTC) in the past month. According to the post, the recovery in Ethereum's network growth was the main factor contributing to the altcoin's price gain.
The tweet added that Ethereum has registered 450,000 addresses, the highest number of addresses on the network in 2 weeks. In addition, towards the end of last month, 80 thousand new addresses were created.
According to CoinMarketCap, ETH was changing hands at $1,828.24 at the time of writing, after falling 1.93 percent in the last 24 hours. This negative daily performance also caused its weekly performance to fall into the red, to minus 1.29 percent.
BTC also suffered the same fate on the last trading day. Despite this, BTC outperformed ETH as its price dropped by only 1.66%.
h2 ETH daily volume up 20 percent/h2
ETH's 24-hour daily volume had increased even though the altcoin suffered a loss during this time.
At the time of this writing, the total volume of the cryptocurrency stood at $5,531,723,800, which represents a 20.20 percent increase compared to the previous daily cycle. It is noteworthy that the trading volume of ETH is the third highest volume in the cryptocurrency market.
From a technical perspective, the altcoin has fallen below the key $1,850 support level in the past 24 hours. If the altcoin fails to close today's daily candle above this key support level, it may be at risk of retesting the next support level at $1,790 in the next 24-48 hours. Continuing selling pressure could bring the price of the coin down to $1,750.
On the other hand, if the altcoin manages to close today's trading session above the aforementioned $1,850, it could try to push the next major resistance level at $1,890 in the next few days. Investors will want to take note of the fact that a medium-term bearish flag is at risk of being triggered.
At the time of writing, the 20-day EMA is trying to cross below the 50-day EMA. If these two technical indicators cross, it will signal that sellers will take the lead over the next few weeks. This may invalidate the bullish thesis and the altcoin's price will most likely continue to decline next week.
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