Ether (ETH) has surged to $2,400, marking a nearly 38% increase from its recent low of $1,750, driven by a significant uptick in daily active addresses (DAA), which rose 89% to 730,278. This spike in user engagement is generally seen as a bullish signal, particularly as it has historically preceded major price rallies. Additionally, the accumulation of ETH in wallets with no selling history has increased by 6.5 million to 26.16 million, indicating growing long-term confidence among investors.
The recent breakout of a cup-and-handle chart pattern suggests further bullish momentum, with a potential target of $3,150 if ETH maintains levels above $2,350-$2,400. The relative strength index (RSI) at 68 supports the notion that bullish sentiment is returning, and the tightening liquidity from reduced ETH supply on exchanges adds to the positive outlook.
For market professionals, the key takeaway is that ETH’s current price action, supported by strong accumulation and user activity, could signal a sustained upward trend, making it essential to monitor the $2,400 resistance level closely.
Source: cointelegraph.com