BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

On-chain Data Suggests Ethereum Could Surge to $3,700 in the Near Term

by Sham
November 19, 2024
in CRYPTO
Reading Time: 2 mins read
A A
7
SHARES
124
VIEWS
Share on XShare in TelegramShare on Reddit

• Ethereum price targets $3,700 due to soaring interest from ‘smart money’ or experienced traders
• Growing network activity, including rising daily active addresses and transaction counts, supports Ether’s bullish momentum
• Ether’s price action has formed a U-shaped recovery pattern, suggesting a potential move towards $3,700

Ether (ETH) has seen strong price action recently, breaking above $3,000 for the first time since August. While momentum has slowed in the past few days, on-chain and technical factors suggest there is more upside for ETH.

Increasing Network Activity

Ethereum’s recent bullishness has coincided with more users and transactions on the network.

Daily Active Addresses on the Rise

The number of daily active addresses (DAAs) on Ethereum has risen over the past month, from 377,065 on October 27 to 487,941 on November 19. This indicates rising engagement across Ethereum chains like Polygon, Arbitrum and Optimism.

More Transactions

Transaction counts also reflect this growth, with daily transactions reaching 129 million on November 15, up from 962,160 on October 27. The increase suggests more DeFi and dApp usage, with Ethereum’s total value locked rising 25% since November 5.

Smart Money Sentiment Turning Positive

Sentiment data shows increased interest in ETH from experienced investors or “whales.” While regular investors were mildly bullish, smart money held highly positive sentiment, potentially signaling further upside.

Technicals Point to $3,700

ETH has formed a bullish U-shaped pattern on the 4-hour chart. A close above the neckline at $3,376 could send ETH toward the pattern target of $3,735. Support lies at $3,000 where significant ETH was previously bought. Stiff resistance is at $3,200 where a large amount of ETH was acquired.

Conclusion

On-chain activity is increasing, smart money is growing more confident, and Ethereum is forming bullish chart patterns. These factors suggest ETH could soon rise to $3,700.

Tags: ArbitrumDeFiethereumOptimismpolygon
Tweet2ShareShare
Previous Post

New Bitcoin All-Time High Fuels $100K Speculation by End of November

Next Post

Bitcoin Liquidates $44M in Shorts Surpassing $94,000 for the First Time in History

DON'T MISS THESE! HOT OFF THE PRESS

What Happened in Crypto This Week? Here is Everything Important You Need to Know
CRYPTO

What Happened in Crypto This Week? Here is Everything Important You Need to Know

July 19, 2025
XRP’s “Kaboom Phase” Might Just Be Getting Started
CRYPTO

XRP’s “Kaboom Phase” Might Just Be Getting Started

July 19, 2025
Litecoin Is Waking Up—And $120 Might Be Closer Than It Looks
CRYPTO

Litecoin Is Waking Up—And $120 Might Be Closer Than It Looks

July 19, 2025
Stellar (XLM) Hangs Tight at $0.47—But Is It Gearing Up for a Bigger Move?
CRYPTO

Stellar (XLM) Hangs Tight at $0.47—But Is It Gearing Up for a Bigger Move?

July 19, 2025
ONDO vs. Hedera (HBAR): Which Altcoin’s Got More Fuel Left in the Tank?
CRYPTO

ONDO vs. Hedera (HBAR): Which Altcoin’s Got More Fuel Left in the Tank?

July 19, 2025
Chainlink Joins SEC’s Crypto Task Force—What’s Coming Next?
CHAINLINK

Chainlink Joins SEC’s Crypto Task Force—What’s Coming Next?

July 19, 2025
Load More

Related News

What Happened in Crypto This Week? Here is Everything Important You Need to Know

What Happened in Crypto This Week? Here is Everything Important You Need to Know

July 19, 2025
XRP’s “Kaboom Phase” Might Just Be Getting Started

XRP’s “Kaboom Phase” Might Just Be Getting Started

July 19, 2025
Litecoin Is Waking Up—And $120 Might Be Closer Than It Looks

Litecoin Is Waking Up—And $120 Might Be Closer Than It Looks

July 19, 2025
Stellar (XLM) Hangs Tight at $0.47—But Is It Gearing Up for a Bigger Move?

Stellar (XLM) Hangs Tight at $0.47—But Is It Gearing Up for a Bigger Move?

July 19, 2025
ONDO vs. Hedera (HBAR): Which Altcoin’s Got More Fuel Left in the Tank?

ONDO vs. Hedera (HBAR): Which Altcoin’s Got More Fuel Left in the Tank?

July 19, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve Finance FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Web3 X xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.