Ethereum sees a 9.85% spike in active addresses over 48 hours, coinciding with a breakout above $1,650 in price. Long-term holders are also accumulating, indicating confidence. However, further data is vital for confirming sustained momentum amid ongoing network scaling efforts.
In a noteworthy turn of events, the Ethereum (ETH) network has recorded a substantial increase in active addresses, climbing from 306,211 to 336,366 between April 20 and April 22. This represents a sharp 9.85% rise in just two days, as pointed out by CryptoQuant analyst Carmelo Alemán. Active addresses reflect the unique wallets engaging in transactions, suggesting a surge in user interest and activity on the platform. Alemán cautioned, however, that this statistic shouldn’t be viewed alone, needing to be evaluated alongside other metrics like transaction volumes, gas fees, and the mix of new and returning users.
Alemán noted, “This spike, paired with an uptick in ETH’s price, showcases a significant surge in network activity.” Despite this boost, he emphasised that further data is crucial to assert any sustainable momentum for the cryptocurrency. In parallel with its on-chain development, Ethereum also showcased solid market performance during the same period, breaking through the $1,650 resistance level—a barrier that had constrained its price for more than a week. Soon after, ETH even soared past the $1,790 threshold, indicating a remarkable price shift.
Technical indicators support this bullish perspective. Currently, Ethereum trades above both its 10-day and 20-day moving averages. The relative strength index (RSI) has climbed above 50, a sign of positive, albeit not overbought, market conditions. Notably, bullish signals have begun to appear from the moving average convergence divergence (MACD), suggesting potential further upward movement. However, the stochastic RSI nearing its upper range could indicate a possible slowdown unless buying pressure remains strong to power the rally.
Moreover, there’s been a noticeable increase in accumulation activity from long-term holders. According to OnChainSchool, wallets that have never sold their ETH saw a massive influx of over 640,000 ETH within just 48 hours—marking the largest inflow to these long-term-holding addresses since 2018. Analysts keep a close eye on these wallets because of their consistent holding patterns. OnChainSchool commented, “Despite the price drawdown, long-term holders seem more committed than ever.”
While the exact reasons behind this inflow remain unclear, it hints at growing confidence from resilient investors. This surge in activity occurred amid price volatility, suggesting that some users are looking to solidify their positions during uncertain market periods. Whether this behaviour points to a broader market shift? That’s still up for debate.
On the development side, Ethereum’s team is making strides towards enhancing scalability, with data availability sampling (DAS) being one of the key upgrades. This approach assists the network in verifying data presence without needing to fully download it. Ethereum has adopted KZG commitments—a cryptography-based technique that relies on a ceremonial setup. According to Vitalik Buterin, the latest KZG setup boasted over 141,000 participators, the largest ever recorded. While this upgrade is seen as secure, some community members continue to question its long-term trustworthiness.
This ongoing upgrade process highlights Ethereum’s commitment to scalability, especially with the rise of Layer 2 solutions and cross-chain platforms. All of this combined—the impressive 9.85% uplift in active addresses, the breakout above price resistance, and the significant inflows to long-term wallets—signals a period of renewed investor engagement. If these positive metrics remain on an upward trajectory, Ethereum may very well be gearing up for a new accumulation phase, potentially unlocking higher price targets in the upcoming weeks.
