Ethereum (ETH) is beginning To show signs of a potential raissered reversal, with the second largest cryptocurrency by climbing the market 9.1% over the past 24 hours. In addition to the price surprise, Ethereum’s network activity has seen a remarkable at the top.
Ethereum Network Activity explodes in the middle of pricing
According to a recent cryptoquant quicktake post by analyst Carmelo_aleman, Ethereum’s active addresses have increased significantly in recent days. Between April 20 and April 22, ETH jumped active addresses from 306 211 to 336 366 – an increase of 9.85% in just 48 hours.
The analyst notes that such a sharp increase in active addresses points to increased activity on the chain. However, they warn against analyzing this metric isolated and emphasizes the need to also track other measurement values such as exchange volume, transaction number and gas fees for a complete image.
Last data From Ycharts indicates that Ethereum transactions per day have witnessed a significant peak in recent days. Specifically, the number of transactions has risen from 1,042 million on April 19 to 1,293 million on April 22.
In addition, defillars report a significant increase in the total value Locked (TVL) over Ethereum decentralized finance (Defi) ecosystem. Notably, TVL from $ 46.28 billion climbed on April 19 to $ 49.99 billion at the time of writing.
Despite the latest growth, TVL remains well in December 2024 of about $ 76 billion. Trade volume on ETH-based decentralized exchanges (DEX) has also increased and jumped from $ 932 million on April 20 to $ 2.44 billion today.
In addition to hausse -like measurements on the chain, technical indicators also point to a potential reversal. In a recent X, Crypto Analyst Titan of Crypto marked The fact that ETH has erupted from a falling wedge pattern on the daily chart – a classic haussey signal.
In addition, Ethereum’s relative Strength index (RSI) has broken out of a long -term trend. RSI is currently floating around 50, suggesting that there is significant space for up Momentum if the price follows.
Some warning signs for eth
Despite improving the feeling is Ethereum Fear & Greed Index flashing A reading of 64 – indicating that ETH can enter over -bought territory at its current price level.
In addition, ETH could face Strong resistance About $ 2,300 if the current haussearted momentum continues. At press time, ETH is traded at $ 1,788, an increase of 9.1% over the past 24 hours.
Featured image from unsplash.com, charts from Cryptoquant, X and tradingview.com
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