Ethereum Surges with a Bang! Active Addresses Spike and Price Breaks Key Resistance

Ethereum's Network Buzzing as Active Addresses Skyrocket

Hold onto your hats, crypto fans! Ethereum is back in the game, showing off some serious muscle both on-chain and in its price action. From April 20 to April 22, the number of active Ethereum addresses shot up by nearly 10%, jumping from around 306,000 to over 336,000. That's right, folks, the network is buzzing with activity, and it's happening just as ETH starts to flex its bullish muscles again.

Address Spikes: A Sign of Bullish Sentiment?

Now, don't get me wrong, a spike in address activity isn't a crystal ball for price movement, but it's often a telltale sign of shifting sentiment. When you see this kind of action, it usually means investors are getting excited, especially when it's coupled with a rising price. And guess what? That's exactly what we're seeing right now!

Ethereum's Price Breaks Through the Roof

Ethereum is Heating Up!

"Ethereum's active addresses jumped from 306,211 to 336,366, representing a 9.85% increase in just 48 hours" – By @oro_crypto

ETH has finally smashed through the $1,650 resistance zone, a level that had been capping its gains since mid-April. After a powerful green daily candle breakout, ETH's price has soared past $1,790, breaking free from the short-term range it had been stuck in. It's like watching a rocket take off!

Buyers Regain Control: ETH's Technicals Show Strength

The buyers are back in the driver's seat for the first time in weeks. ETH is now trading above both the 10-day and 20-day moving averages, signaling growing strength in the short term. With a relative strength index just over 50, we're seeing mild bullish momentum without being overbought. It's like the perfect storm for ETH!

Even the moving average convergence/divergence is starting to show early signs of a trend shift, turning slightly positive. But hold on, not all indicators are singing the same tune. The stochastic RSI is already nearing the top of its range, which could mean short-term exhaustion if more buyers don't jump in.

Transaction Fees: A Key Factor to Watch

One thing to keep an eye on is Ethereum's transaction fees. Right now, they're unusually low, averaging around $0.31. That's a steal, but it also suggests that on-chain demand is still low, even though the network is cheap to use.

Short-Term Outlook: Bullish with a Chance of $2,000

Despite the low fees, with active addresses on the rise and ETH holding strong above previous resistance, the short-term outlook is looking better than it has in weeks. If this momentum keeps up, the next big test will be whether ETH can make a run for $2,000. Buckle up, folks, it's going to be an exciting ride!