Ethereum Breaks Resistance: Is a New Bullish Wave Forming?
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Ethereum (ETH) is gaining strong attention after breaking above the $1,650 resistance level that has held back prices for over a week. The breakout is not only reflected in price action, but is also supported by positive signals from on-chain data, as the number of active addresses on the Ethereum network increased by nearly 10% in just 48 hours.
On-chain Data: Network Vitality Is Reviving
According to analysis by Carmelo Alemán at CryptoQuant, the number of daily active addresses on Ethereum increased from around 306,000 to over 336,000 between April 20 and 22, representing an increase of nearly 10%. This is seen as a sign of growing user participation and a reflection of a shift in investor sentiment as ETH begins to regain momentum.
While an increase in address activity does not guarantee a strong rally, when accompanied by positive price action, it often signals renewed interest from the market – a factor that can strengthen a short-term uptrend.
Price Action: ETH Breaks Out of Consolidation Range
After several days of trading in a tight range, ETH officially broke above $1,650 with a strong daily green candle, and quickly moved up to the $1,790 price zone.
This is a clear signal that buyers are slowly regaining control, especially as ETH is currently trading above both the 10-day and 20-day moving averages.
The Relative Strength Index (RSI) indicator is currently above 50, reflecting a slight uptrend but is not yet overbought, meaning there is room for further upside. Meanwhile, the MACD (Moving Average Convergence/Divergence) indicator has also shown a positive crossover signal, supporting the possibility of an uptrend forming.
However, some warnings are still issued. The stochastic RSI has approached the top zone, which may reflect a short-term overbought condition, and if there is a lack of further buying pressure, ETH may correct slightly before continuing to increase.
Low transaction fees: Opportunity or hindrance?
It is worth noting that Ethereum transaction fees are still unusually low, averaging only about $0.31 according to data from YCharts. This is both an opportunity to attract new users and a sign that demand for network usage has not really exploded, despite the very reasonable cost.
Next milestone: Can ETH hit $2,000?
Given the current trend, many analysts are expecting ETH to retest the psychological threshold of $2,000 in the short term. However, to achieve this, ETH needs to maintain strong trading volume, continued user interest, and especially support from the macro environment and monetary policy.
Summary
Ethereum is facing positive signals both technically and network activity. The break above resistance and the increase in the number of active addresses are promising factors for a new growth. However, caution is still needed, especially when the market is still in a sensitive phase with policy fluctuations and global capital flows.
