- Ethereum holds steady above $1,770, with strong network activity and bullish sentiment indicating potential for a breakout.
- A key resistance at $1,867 must be overcome for ETH to reach the $2,030 target.
Ethereum (ETH) has shown remarkable resilience, maintaining its support at $1,770 despite recent volatility. With more than 4.56 million addresses anchored at this price level, the cryptocurrency has managed to stay above this crucial zone. As of today, ETH is trading at $1,829.19, reflecting a modest 0.09% increase in the last 24 hours. Despite the ups and downs, key indicators suggest that the Ethereum bulls are gearing up for a breakout.
A major driving factor for this optimism is Ethereum’s network activity. New wallet addresses surged by 79.09% over the past week, and active addresses increased by 11.41%, signaling rising adoption and engagement within the Ethereum ecosystem. This uptick in user activity suggests that, even with price fluctuations, Ethereum’s fundamentals are strong. Moreover, the growing number of zero balance addresses — up 105.49% — indicates continued experimentation with the network, potentially leading to higher demand in the future.
Also read: SUI Price Prediction: Is a Drop to $3 Imminent for the Altcoin?
On-chain sentiment remains overwhelmingly positive. Both crowd sentiment and “smart money” sentiment are bullish, with respective readings of 0.71 and 0.18, according to Market Prophit data. This positive outlook, combined with strong buying interest around the $1,770 level, creates a promising foundation for a potential breakout. Ethereum’s ability to hold above this support, coupled with increasing network engagement, suggests that bullish momentum could continue.
However, Ethereum faces key resistance at $1,867. This level has acted as a ceiling in past attempts to rally higher. A clean break above this resistance could open the door to the next target of $2,030, a significant level marked by the 1.618 Fibonacci extension. Despite this potential, caution is necessary. The stochastic RSI is nearing overbought territory, indicating the possibility of a pullback before any further gains.
With exchange reserves rising and leveraged traders showing confidence in a continued upward trend, the market is at a pivotal point. While the risk of a shakeout remains due to a crowded long position, the overall technical and sentiment indicators suggest that Ethereum is positioned for a breakout. If the bulls manage to push through the $1,867 barrier with volume, Ethereum could easily surge toward the $2,030 target, sparking a broader market rally.
