Ethereum shows signs of renewed strength, both on the chain and with price. Active addresses are surging and ETH has finally broken through a major resistance level which had been holding it back for more than a week.
The following is a list of data shared by CryptoQuant analyst Carmelo Alemán, between Apr. The number of Ethereum active between Apr.20 and April 22 was reported by Carmelo A. Aleman, an analyst at CryptoQuant. 22. The number active Ethereum (ETHThe number of ) addresses has increased from 306,000 up to 336,000, a rise of almost 10%. The increase in network activity is a sign of ETH’s regaining momentum.
Even though they do not guarantee upward movement, sharp increases in the number of addresses can indicate a shift in sentiment. They also often signal heightened investor interest when they occur together with price movements that are rising.
We’re witnessing exactly that. ETH is finally above $1,650, a zone of resistance that has been a ceiling for ETH since the middle of April. After a breakout of ETH’s price with a green daily candle, the price crossed over $1,790 and broke away from its short-term range.
The first time in several weeks it appears that buyers are regaining the upper hand. ETH has now traded above the moving averages of both 10 and 20 days, which indicates growth. strength Short term. The relative strength indicator, at just above 50, indicates a mildly bullish trend without overboughtness.
The moving average convergence/divergence has also started to show early signs of a trend shift, turning slightly positive. However, all the indicators do not agree. It is possible that the stochastic RSI has already reached the upper limit of its range. This could indicate short-term fatigue if there are no more buyers.
Ethereum transaction fees is a crucial factor. YCharts shows that the average network fee is $0.31. This is unusually low. data. The network can be used at a low cost, but the demand for it is still very low.
The short-term prospects are better now than they have been in recent weeks, as active addresses continue to rise and ETH holds above its previous resistance. The short-term outlook looks better than it has in weeks. momentum The next big test is whether ETH will make a push towards $2,000.
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Source: crypto.news
