After Ethereum (ETH) price rose by 11% on Tuesday and an additional 2% on Thursday, the cryptocurrency market is maintaining strength at around $1,744 despite a slight 3.4% decline over the past 24 hours while taking a brief rest after a strong rally.
According to Crypto News on the 24th, although the market sentiment for Ethereum has been somewhat weak over the past 4 months, technical indicators are sending buy signals and could herald the beginning of a bullish cycle. According to on-chain data from Artemis, two major indicators have significantly increased. First, the daily active addresses on the Ethereum network increased by 29.2% from April 20 to April 23, and the daily number of transactions processed by the blockchain increased by 30% during the same period.
This is one of the most important rebounds in network activity over the past 30 days and is particularly noteworthy as it appeared alongside bullish signals on Ethereum's daily price chart.
With Tuesday's upward momentum, Ethereum surpassed the 21-day exponential moving average (EMA). While this is not the first time price movement has tried to push prices above this area, it is the only instance since December accompanied by above-average trading volume.
Yesterday's rise in Ethereum price further confirmed the bullish breakthrough, but some intraday selling appeared as traders locked in short-term profits.
Today's adjustment is not a big surprise as the broader market cools and investors realize profits after several strong sessions. Ethereum price is currently moving around $1,744, with trading volume decreased by 30% to $18.7 billion, suggesting that selling pressure may be uncertain and short-term.
Momentum indicators continue to send bullish signals. The RSI is nearly 21% higher than the signal line, and the MACD histogram has been rising for 11 consecutive days.
This marks the longest positive MACD consecutive period in over two years, and the RSI is at its highest level since January 2025. Both indicators suggest increasing trend strength.
As momentum builds, Ethereum may be preparing for a decisive rise towards the $3,000 level in the coming weeks.
Meanwhile, other smart contract platforms like Solana (SOL) are also showing an upward trend, driven by renewed interest in meme coins and network expansion. Solana's network activity is rapidly heating up, thanks to the revival of meme coins like Fart Coin (FART) and Bonk (BONK).
Real-time news...Go to Token Post Telegram
<Copyright ⓒ TokenPost, Unauthorized Reproduction and Redistribution Prohibited>
