Ethereum is flashing clear signs of a bullish comeback. Over just 48 hours between April 20 and April 22, active Ethereum addresses spiked by nearly 10%, according to data from CryptoQuant analyst Carmelo Alemán. The count jumped from about 306,000 to over 336,000—an uptick that often signals growing investor interest just as Ethereum’s price started to break out.
Active address spikes aren’t a guarantee of a rally, but they are historically early indicators of shifting sentiment. And this time, the timing seems perfect: ETH has finally smashed through the stubborn $1,650 resistance level that had trapped the price for over a week. Following a strong daily green candle, ETH leaped above $1,790, escaping the short-term range it had been stuck in.
What’s Powering Ethereum’s Momentum?
For the first time in weeks, buyers appear to be regaining control. ETH is now trading comfortably above both its 10-day and 20-day moving averages—a classic sign of short-term strength. The relative strength index (RSI) hovers just above 50, showing bullish momentum without pushing into overbought territory.
Adding to the optimism, the moving average convergence/divergence (MACD) is turning slightly positive, another signal that the tides may be shifting. Still, it’s not all blue skies: the stochastic RSI is nearing the top of its range, hinting at potential short-term exhaustion unless more buyers step in.
One interesting factor? Ethereum’s transaction fees remain unusually low, sitting around $0.31 according to YCharts. While this means the network is cheap to use, it also hints that overall on-chain demand hasn’t heated up yet despite the price rally.
What’s Next for ETH?
With active address counts rising and ETH holding above critical resistance, the short-term outlook is better than it’s been in weeks. The big question now: can Ethereum push toward the psychologically important $2,000 level?
If buyers continue to step in and network activity picks up, ETH could be setting up for an even bigger move. But with some indicators flashing caution, it’s a market to watch carefully.
