Ethereum (ETH) is beginning To show signs of a potential optimistic reversal, with the second largest cryptocurrency by market capitalization climbing 9.1% in the last 24 hours. In addition to the overvoltage of prices, the activity of the Ethereum network has experienced a significant increase.
The activity of the Ethereum network explodes in the middle of the price rally
According to a recent post of Cryptoque Quicktake of analyst Carmelo_aleman, the active addresses of Ethereum have increased significantly in recent days. Between April 20 and 22, the active addresses of the ETH increased from 306,211 to 336,366 – an increase of 9.85% in just 48 hours.
The analyst notes that an increase as strong of active addresses indicates an increase in activity on the chain. However, they warn against the analysis of this metric, emphasizing the need to also follow other measures such as the volume of exchange, the number of transactions and gas costs for a more complete image.
Last data De Ycharts indicates that Ethereum transactions per day have experienced a significant peak in the past few days. More specifically, the number of transactions went from 1.042 million on April 19 to 1.293 million on April 22.
In addition, Defillama reports a significant increase in the total locked value (TVL) through the Ethereum decentralized financial ecosystem (DEFI). In particular, TVL increased from $ 46.28 billion on April 19 to 49.99 billion dollars at the time of the editorial staff.
Despite recent growth, TVL remains well below the summit in December 2024 of around 76 billion dollars. The commercial volume on decentralized grants based on ETH (DEX) also increased from $ 932 million on April 20 to $ 2.44 billion today.
Beyond the bullish chain measures, the technical indicators also point to a potential reversal. In a recent article on X, Crypto Analyst Titan of Crypto highlighted This ETH came out of a corner model that falls on the daily graphic – a classic signal.
In addition, the relative force index of Ethereum (RSI) has emerged from a long -term downward trend. The RSI currently oscillates around 50 years, suggesting that there is an important place for upwards Momentum if the price follows suit.
Some signs of warning for ETH
Despite the improvement of the feeling, the Ethereum Fear & Greed index is blinker A reading of 64 – indicating that the ETH could enter the exaggerated territory at its current price level.
In addition, ETH could face strong resistance About the $ 2,300 if the current optimistic dynamics continue. At the time of the press, ETH is negotiated at $ 1,788, up 9.1% in the last 24 hours.
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