Ethereum (ETH) has shown signs of revived momentum this week, with both on-chain and price action indicators turning bullish. According to new data from CryptoQuant analyst Carmelo Alemán, the number of active Ethereum addresses surged by nearly 10% in just two days, jumping from 306,000 to over 336,000 between April 20 and April 22.
This uptick in network activity coincided with Ethereum’s breakout above the $1,650 resistance level, a threshold that had stifled gains since mid-April. Following a decisive bullish move, ETH crossed $1,790, moving out of a tight consolidation range that had frustrated traders for weeks.
Spike in Activity Points to Growing Interest
Rising address activity is often seen as a precursor to broader investor engagement, though not always a direct predictor of price. However, when combined with a technical breakout, such on-chain signals can point to increased confidence in the asset’s short-term trajectory.
“ETH’s breakout above $1,790 was accompanied by a meaningful rise in user activity, suggesting that this wasn’t just a speculative price pump,” said Alemán. “We’re seeing early signs of a potential trend reversal.”
Technical Indicators Suggest Early Strength
ETH’s move has now pushed it above both the 10-day and 20-day moving averages, a sign that bullish momentum may be building. The relative strength index (RSI) has ticked slightly above 50 — suggesting a mildly bullish trendwithout veering into overbought territory.
Meanwhile, the moving average convergence/divergence (MACD) indicator is beginning to shift into positive territory, another possible confirmation of growing short-term strength. That said, not all indicators are in full agreement. The stochastic RSI is nearing the top of its range, which may signal a short-term pullback if buying pressure wanes.
Transaction Fees Remain Low, Raising Questions
Despite the rise in addresses and price, Ethereum’s transaction fees remain unusually low, averaging just $0.31according to YCharts. While this could reflect improved network efficiency, it may also signal that on-chain demand — and usage of decentralized applications — remains soft.
“Low fees are great for users, but they also tell us that Ethereum’s usage hasn’t yet returned to full strength,” said Nina Taylor, blockchain strategist at DeltaVerse Capital. “We’ll need to see more dApp and DeFi engagement for a more sustained bullish cycle.”
Looking Ahead: All Eyes on $2,000
With ETH now above former resistance, the next major test lies at the $2,000 mark, a psychologically and technically significant level. A strong push above that threshold could attract renewed institutional interest, especially as macroeconomic uncertainty continues to drive hedging behavior toward digital assets.
“Ethereum’s momentum is encouraging, but the $2,000 barrier will be a more formidable test,” added Taylor. “We’ll be watching both price action and network activity closely in the coming sessions.”
If ETH continues to hold its recent gains and active address growth sustains, analysts believe a broader bullish shift may be underway — though caution remains warranted given lingering macro risks and fluctuating market sentiment.
