As the market recovers bullish momentumEthereum price reversed upward and approached the $2,200 level. Looking at recent on-chain data, this positive performance is starting to reflect on the ETH network, with a significant surge in transactions running on the chain.
Daily Number of Transactions on Ethereum Rise
Ethereum’s price movements are moving in tandem with network performance, increasing speculation as to whether ETH is gathering momentum for a potential rebound. Ethereum price is currently breaking through a major resistance point, but the network is reaching levels not seen in months.
In the X post, CW, a data analyst and investor at CryptoQuant, said: published that Activity on the Ethereum network is surging. At a remarkable pace. According to analysts, the number of daily transactions on the network is growing exponentially, indicating a rapid increase in user engagement.
Additionally, the rapidly increasing number of daily transactions means that more participants are interacting with decentralized applications, transfers, and on-chain services. All these important factors are demand recovery And it can increase utility across the broader ecosystem, leading to continued market momentum.
Although the price of ETH has fallen this year, activity across the major networks has remained at record highs. At this point, CW maintains that an increase in the number of daily transactions is not a sign of a bear market. price Ethereum It may have fallen, but some investors are showing strong resilience on the surface, bolstering network growth as the trend continues.
The price of ETH is approaching the short-term realized price
from the side price actionEthereum continues to trade within a short-term range, with the altcoin currently valued at around $2,150. After a brief analysis, Darkfost, another CryptoQuant author and market expert, presentation The price is not far off from the average realized price, which is currently around $2,300.
This level typically acts as a structural and psychological barrier that separates profits and losses for a significant portion of the market. ETH close to this level represents an important inflection point. By applying the standard deviation, the model can predict the current estimated high average price of $5,300 and low $1,150.
Therefore, Darkfost emphasized that Ethereum falls somewhere in the middle. Realized price This suggests that the best strategy for those seeking medium- to long-term exposure is to wait for the market. Considering the current market conditions, this strategy has proven to be valid. In this market structure, the realized price, which acts as resistance, is expected to serve as a break-even exit for some investors.
At the time of writing, ETH price was trading at $2,117, down more than 2% in the last 24 hours. Trading volume moved in line with price movements and decreased by more than 7% compared to the previous day.
Featured image from Unsplash, chart from Tradingview.com
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