Ethereum (ETH) is start Show a possible bullish reversal sign, the second largest cryptocurrency in the last 24 hours according to the market cabinet. Alongside the price increase, there has been a significant increase in Ethereum's network activity.
Ethereum's network activity explodes in the middle of the price rally
According to the recent Carmelo_aleman analyst, the recent Quicktake Post of Ethereum has increased significantly in recent days. From April 20 to April 22, ETH active addresses from 306 211 to 336 366 -9.85% growth in just 48 hours.
The analyst notes that such a sharp increase in active addresses indicates increased circuit activity. However, they warn of analyzing this meter, emphasizing the need to monitor other metrics such as exchange volumes, the number of transactions and gas fees for a more complete image.
Latest data Ychartsist shows that Ethereum's deals daily have witnessed a significant point in recent days. Specifically, the number of transactions has risen from 1.042 million on April 2, 22 to 1.293 million.
In addition, Defillama announces the significant total value (TVL) of the decentralized financial (Defi) ecosystem of Ethereum. Namely, on April 19, the TV rose from $ 46.28 billion to $ 49.99 billion.
Despite its recent growth, TV is highest in December 2024 – about $ 76 billion. The trading volume of ETH-based decentralized stock exchanges (DEX) has also risen, jumping from $ 932 million to $ 2.44 billion today on April 20.
In addition to the bullish-chain metrics, the technical indicators also point to potential reversal. In a recent post x -i crypto analyst Titan of Crypto highlighted This ETH has broke out of a wedge pattern falling in a daily chart – a classically bullish signal.
In addition, the relative strength index (RSI) of Ethereum has gone out of a long -term decline. RSI is currently floating about 50, indicating that there is a significant space upward Momentum if the price follows it.
Some warning signs for ETH
Despite the improvement of the senses, the Ethereum Fear & A greed index flashing 64 EXAMPLE – showing that ETH may enter an excessive territory at the current price level.
In addition, ETH could be faced with strong resistance If the current bullish momentum continues, there is a sign of about 2,300 dollars. During the press, ETH trades for $ 1,788, which is 9.1%in the last 24 hours.
Highlighted Picture from Usplash.com, Cryptoquanti, X and TradingView.com
Editorial For bitcoinists, the focus of the provision of precise and impartial content has been focused. We support strict procurement standards and each page passes a careful overview of our top technology experts and experienced editors. This process ensures the integrity, relevance and value of the content of our readers.
