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ethereum

Ethereum Network Activity Spikes As Price Rallies – Bullish Reversal Coming?

Ash Tiwari
by Ash Tiwari
4 weeks ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum (ETH) is beginning to show signs of a potential bullish reversal, with the second-largest cryptocurrency by market cap climbing 9.1% in the past 24 hours. Alongside the price surge, Ethereum’s network activity has seen a notable uptick.

Ethereum Network Activity Explodes Amid Price Rally

According to a recent CryptoQuant Quicktake post by analyst Carmelo_Aleman, Ethereum’s active addresses have surged significantly over the past few days. Between April 20 and April 22, ETH active addresses jumped from 306,211 to 336,366 – an increase of 9.85% in just 48 hours.

chart 1
Number of active addresses on Ethereum has surged to 336,366 as of April 22 | Source: CryptoQuant

The analyst notes that such a sharp rise in active addresses points to increased on-chain activity. However, they caution against analyzing this metric in isolation, emphasizing the need to also track other metrics such as exchange volume, transaction count, and gas fees for a fuller picture.

Related Reading: Ethereum Breakout Imminent? Analyst Expects ETH Price Surge To $2,000

Latest data from Ycharts indicates that Ethereum transactions per day have witnessed a significant spike over the past few days. Specifically, the number of transactions has climbed from 1.042 million on April 19, to 1.293 million on April 22.

Additionally, DefiLlama reports a significant rise in Total Value Locked (TVL) across the Ethereum decentralized finance (DeFi) ecosystem. Notably, TVL climbed from $46.28 billion on April 19, to $49.99 billion at the time of writing.

Despite the recent growth, TVL remains well below the December 2024 high of approximately $76 billion. Trading volume on ETH-based decentralized exchanges (DEX) has also surged, jumping from $932 million on April 20, to $2.44 billion today.

dex volume
DEX trading volume on the Ethereum chain has surged over the past few days | Source: DefiLlama

Beyond bullish on-chain metrics, technical indicators are also pointing to a potential reversal. In a recent post on X, crypto analyst Titan of Crypto highlighted that ETH has broken out of a falling wedge pattern on the daily chart – a classically bullish signal.

titan
ETH has broken out of the falling wedge pattern on the daily chart | Source: Titan of Crypto on X

Furthermore, Ethereum’s Relative Strength Index (RSI) has broken out of a long-term downtrend. The RSI is currently hovering around 50, suggesting there’s significant room for upward momentum if the price follows suit.

Some Warning Signs For ETH

Despite improving sentiment, the Ethereum Fear & Greed Index is flashing a reading of 64 – indicating that ETH might be entering overbought territory at its current price level.

Related Reading: Ethereum Sees Sharp Spike In New Adoption Rate Amid Ongoing Price Fluctuations

Additionally, ETH could face strong resistance around the $2,300 mark if the current bullish momentum continues. At press time, ETH is trading at $1,788, up 9.1% over the past 24 hours.

ethereum
ETH trades at $1,788 on the daily chart | Source: ETHUSDT on TradingView.com
Featured Image from Unsplash.com, charts from CryptoQuant, X, and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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