TLDR
- Ethereum's value jumped by 5% in a day, surpassing the $3,200 threshold.
- The number of active Ethereum addresses has surged by 37%, reaching 670,000 recently.
- Market experts anticipate a push towards the $4,000 mark, drawing insights from the emerging bullish pennant formation.
- Projections in the crypto world hint at Ethereum possibly reaching between $9,000 to $10,000 over the next 3 to 4 months.
- The critical support zone for Ethereum remains between $2,230 and $2,610, with around 11.99 million wallets holding a total of 62.27 million ETH, solidifying its price foundation.
Ethereum is gaining momentum in the digital currency space, showcasing a solid 5% daily gain and triumphantly breaking the $3,200 barrier. This upward trend aligns with a notable upswing in network activity, hinting at more potential growth as indicated by various technical analyses. Ethereum, standing as the second-largest cryptocurrency by market cap, has managed to weather the storm of broader market movements, pushing forward despite recent statements from the Federal Reserve. Notably, this has placed Ethereum just 33% away from its past peak, capturing the eye of both individual and large-scale investors.
Data from IntoTheBlock highlights a robust increase in active Ethereum addresses, marking a 37% rise in recent months. The current figure now stands at 670,000, up from around 400,000 earlier in 2024, showcasing augmented network engagement. Elite, a market analyst, spotlighted Ethereum's resilience amidst macroeconomic shifts. “Against the odds set by the Fed's hawkish stance yesterday, Ethereum forged past the $3,200 mark, displaying remarkable strength,” remarked Elite, attributing the surge in on-chain activity as a key player in this price movement. Insights from WorldofCharts identify an evolving bullish pennant pattern within Ethereum's pricing dynamics. This specific setup, defined by a period of price consolidation narrowing over time, is often a precursor to continued price ascent when an upward breakout occurs.
Consolidating Within Tight Range Of Bullish Pennant, Expecting Upside Breakout Soon, In case Of Successful Breakout, Ethereum Can Target 4000$ Area Ascending Triangle Resistance Area 'Which I Shared Recently'.
The coveted $4,000 price level has become a focal point for market watchers. Surpassing this resistance could set off a phase of new price exploration for the asset.
Current trading data indicates heightened activity following the recent price uptick, reinforcing the legitimacy of the upward trajectory. This mix of price dynamics and increased volume is a hallmark of sustainable market advances versus fleeting spikes.
$Eth #Eth Market strategist Ted highlights that longer timeframes reveal a sequence of higher lows, a traditional sign of building bullish momentum. “Ethereum is laying out higher lows over extended periods. Crossing the $4K threshold is pivotal, and reclaiming it could propel ETH to new record highs,” Ted asserted in recent market commentary. https://t.co/Gq5sYBiKfA pic.twitter.com/B36VRnN9Qm
— World Of Charts (@WorldOfCharts1) January 30, 2025
Network data underscores a robust support range between $2,230 and $2,610, where roughly 11.99 million wallets collectively hold 62.27 million ETH. This area serves as a potential price floor if markets retract.
Looking at historical patterns, Ethereum has consistently formed falling wedge setups in 2021, 2024, and now again in 2025. These formations have typically preceded significant price rallies, suggesting more potential volatility on the horizon.
The Market Value to Realized Value (MVRV) ratio, a significant cryptocurrency valuation metric, recently fell below its 160-day average. This movement resembles a scenario in June 2024, when Ethereum saw a notable 40% price retreat.
Trade volumes across major platforms show a balance in buying and selling, with a slight increase in accumulation in wallets holding between 100 to 1,000 ETH. This hints at sustained interest from mid-sized investors.
Recent price surveys show that short-term movements are holding above the $3,200 level, with reduced volatility as the market processes recent gains. Often this narrowing of trading ranges points to larger swings looming on the horizon.
The core technical fundamentals of the Ethereum network remain robust, with consistent growth in both transaction numbers and gas usage, reflecting the network's usability extending beyond just speculative trading.
Recent statistics reveal an increase of 37% in daily active addresses over recent months, with the figure climbing to 670,000 from a previous count of 400,000 earlier in 2024.
Editor-in-Chief of Blockonomi and founder of Kooc Media, an online media company based in the UK, who advocates for open-source software, blockchain technology, and a free, fair internet for everyone.
His insights have been featured by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, TechCrunch, and more. Reach out at [email protected].
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