as the market recovers bullish momentumEthereum price reversed to the upside and approached the $2,200 level. Looking at recent on-chain data, this strong performance is starting to be reflected in the ETH network, with a significant spike in transactions being performed on-chain.
Number of daily transactions during Ethereum rise
Ethereum price movements are linked to network performance, increasing speculation that ETH is gaining momentum towards a potential rally. Ethereum price has now broken through a major resistance point, but the network is reaching levels not seen in recent months.
In the X Post, CW, a data analyst and investor at CryptoQuant, said: published that Activity on the Ethereum network is skyrocketing At a remarkable pace. According to analysts, the number of daily transactions on the network is increasing exponentially, indicating a sharp increase in user engagement.
Furthermore, this rapid increase in the number of daily transactions means that more participants are interacting with decentralized applications, transfers, and on-chain services. All these important factors are reflected new demand This, in turn, increases utility across the broader ecosystem, which could lead to sustained market momentum.
Although the price of ETH has fallen this year, activity across major networks remains at an all-time high. For now, CW maintains that the increase in the number of daily trades is not a sign of a bear market. price of Ethereum They may have fallen, but some investors are showing strong resilience behind the scenes, reinforcing network growth as this trend continues.
ETH price is approaching short-term realized price
As for price actionEthereum continues to trade in a short-term range, with the altcoin currently valued at around $2,150. Darkfost, another CryptoQuant author and market expert, said after a brief analysis: announced This price is a long way from the average realized price, which currently stands at the $2,300 level.
This level typically acts as a structural and psychological barrier that separates profits from losses in a significant portion of the market. When ETH approaches this level, it marks an important inflection point. By applying the standard deviation, the model predicts a current estimated high of $5,300 and low of $1,150.
Therefore, Darkforest emphasized that Ethereum is at the center of this. realized price It suggests that the best strategy for those considering medium- to long-term exposure is to wait out the market. Considering the current market situation, this strategy proves to be effective. In this market structure, the realized price that acts as a resistance line is expected to also act as a break-even exit level for some investors.
At the time of this writing, the price of ETH is trading at $2,117, down more than 2% in the past 24 hours. Its trading volume has remained in line with the price trend, recording a decline of more than 7% in the past day.
Featured image from Unsplash, chart from Tradingview.com
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