- Active Ethereum addresses increased by nearly 10% between April 20 and April 22, indicating growing network participation.
- ETH broke above the $1,650 resistance level, reaching $1,790, and is trading above key moving averages.
- Despite low transaction fees suggesting subdued on-chain demand, the short-term outlook is optimistic, with eyes on a potential move toward $2,000.
Ethereum’s network activity has seen a notable uptick. Between April 20 and April 22, active Ethereum addresses increased by nearly 10%, rising from approximately 306,000 to over 336,000 . This surge suggests growing participation and interest in the Ethereum network.
Breaking Through Resistance: ETH Price Climbs
After facing resistance around the $1,650 mark for over a week, ETH has finally broken through. A strong daily green candle propelled the price past $1,790, indicating a potential shift in market sentiment. This breakout could signal the beginning of a new upward trend for Ethereum.
Technical Indicators: Mixed Signals
Several technical indicators are showing positive signs:
- Moving Averages: ETH is trading above both the 10-day and 20-day moving averages, suggesting short-term strength.
- Relative Strength Index (RSI): At just over 50, the RSI indicates mild bullish momentum without being overbought.
- Moving Average Convergence Divergence (MACD): Early signs of a trend shift are emerging, with the MACD turning slightly positive.
However, the stochastic RSI is nearing the top of its range, which could indicate short-term exhaustion if additional buyers don’t enter the market.
Transaction Fees: Unusually Low
Ethereum’s transaction fees remain low, averaging around $0.31 . While this makes the network more accessible, it also suggests that on-chain demand is still subdued.
Looking Ahead: Can ETH Reach $2,000?
With active addresses on the rise and ETH holding above previous resistance levels, the short-term outlook appears more optimistic than in recent weeks. If momentum continues, the next major test will be whether ETH can make a run toward the $2,000 mark.
