Ethereum Active Addresses Increase by Nearly 10% in Two Days
Ethereum has shown renewed momentum this week, with significant increases in network activity and a breakthrough in price.
Active Addresses Increased
- Active addresses rose from approximately 306,000 to over 336,000 between April 20 and April 22, marking a nearly 10% increase.
- This surge is seen as a potential early indicator of market sentiment changes and possible price movements.
Price Breaks Major Resistance
- Ethereum's price exceeded the $1,640 resistance level, reaching above $1,780.
- The price is now above both the 10-day and 20-day moving averages, indicating short-term strength.
- The relative strength index shows bullish momentum without nearing overbought levels.
Mixed Technical Indicators
- Moving average convergence/divergence suggests a potential trend reversal.
- The stochastic RSI indicates possible short-term exhaustion unless buyer interest increases.
Forecast and Market Sentiment
- Price forecasts predict Ethereum may decline by 6.50%, hitting $1,652 by May 24, 2025.
- The Fear & Greed Index stands at 64, reflecting market sentiment in the "Greed" zone.
- In the past month, Ethereum experienced green days 40% of the time, with a volatility of 9.26%.
Network Usage Discrepancy
- Despite the price movement, transaction fees are low at about $0.31 on average, indicating weak on-chain demand.
- However, the rise in active addresses and sustained price above resistance levels improves the short-term outlook.
- Market strategists are monitoring for potential movement towards the $2,000 price level.