Ethereum is trying to break past the crucial $4,000 mark, getting closer to its all-time high. While some think it might underperform this time around, Ethereum keeps proving its strength, bouncing back from dips and maintaining a positive price trend.
Positive On-Chain Data
Good news! Recent data shows Ethereum’s network is buzzing. Things like the number of active users, transactions, and overall network activity are all looking healthy. This suggests strong investor confidence and could mean ETH is about to go even higher.
The Numbers Tell the Story
Here’s what the data reveals:
- More active addresses: A 4.24% increase shows more people are using the Ethereum network.
- New addresses on the rise: A 2.65% jump suggests growing adoption.
- Dormant wallets waking up: A 4.06% decrease in zero-balance addresses means people are reactivating their ETH, likely to trade or invest.
This all points to growing momentum for Ethereum. A break above yearly highs could be huge. However, if it fails to keep the upward momentum, it might consolidate before another attempt.
The $4,000 Hurdle
Ethereum is currently around $3,920. $4,000 is a major psychological and technical barrier. Breaking through would likely trigger a strong rally towards new yearly highs. But if it can’t break through, it might consolidate, possibly dropping to around $3,500 (a level that’s held up well in the past).
Essentially, the next few weeks are crucial. Breaking $4,000 is key to reigniting bullish sentiment. Failure to do so could mean more sideways movement before the next big price change. The market is watching closely to see which way Ethereum goes next.
