Ethereum (ETH) is The beginning Cryptocurrency, the second-largest market capitalization, rose 9.1% in the last 24 hours, to show signs of a potential bullish reversal. In addition to the surge in prices, there was a notable increase in network activity at Ethereum.
Ethereum Network Activity explodes amid rising prices
According to a recent encrypted Quicktake post by analyst carmelo_aleman, Ethereum’s active addresses have skyrocketed over the past few days. Between April 20th and April 22nd, ETH Active addresses jumped from 306,211 to 336,366. This increased by 9.85% in just 48 hours.
Analysts point out that such a rapid rise in active addresses indicates an increase in activity on the chain. However, note that this metric is analysed on its own, and also highlights the need to track other metrics such as enriched image exchange volume, transaction counts, and gas charges.
latest data YCHARTS shows that daily Ethereum trading has witnessed a major surge in the past few days. Specifically, the number of transactions rose from 1.042 million on April 19 to 1,293 million on April 22.
Additionally, Defillama reports a significant increase in total locked value (TVL) across the Ethereum Decentralized Financial (DEFI) ecosystem. In particular, TVL rose from $462.8 billion on April 19 to $499.9 billion at the time of writing.
Despite recent growth, TVL is well below its December 2024 high of around $760 billion. ETH-based decentralized exchanges (DEX) trading volume has also skyrocketed, rising from $932 million on April 20th to $2.44 billion today.
Beyond bullish on-chain metrics, technical indicators refer to potential inversions. A recent post on X, Crypto’s Titan, Crypto’s Analyst Highlighted Its ETH is divided from the falling wedge patterns on the daily chart – a classically bullish signal.
Furthermore, Ethereum’s relative strength index (RSI) is divided from the long-term downtrend. The RSI is currently hovering around 50, suggesting there is important space Upwards The momentum if prices continue to litigation.
Some warning signs for ETH
Despite the improved emotions, Ethereum’s fear and greedy indicators are Blinking 64 reads – indicates that ETH could enter the territory acquired at current price levels.
Furthermore, ETH can be faced Strong resistance If the current bullish momentum continues, it will be around 2,300 mark. At the time of pressing, ETH is trading at $1,788, an increase of 9.1% over the past 24 hours.
Featured Images on Unsplash.com, cryptoquant, x, and tradingview.com Charts
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