The world’s second-largest cryptocurrency Ethereum (ETH) has recovered much of its lost ground from the lows of $3,000 last month in March. As of press time, the Ethereum (ETH) price is trading 2.5% up at $3,615 with its market cap of $433 billion.
Ethereum Non-Zero Addresses Hit New All-time High
On-chain data provider Santiment highlights the significant rebound in the Ethereum price over the last weekend. As said, this recovery comes after experiencing a notable dip of -25% between March 11th and 19th.
Notably, the number of Ethereum addresses holding coins has reached an all-time high of 118.23K, indicating growing investor participation. Additionally, the mid-term MVRV (Market Value to Realized Value) ratio has exhibited a subtle bullish signal, hinting at potential positive market sentiment.
As reported by CoinGape last week, the Ethereum whale transactions have also been on the rise hinting at a bullish price action going ahead. Another bullish indicator is that a large portion of the Ethereum supply has been moving off exchanges with ETH exchange reserves hitting new lows.
As per the data from Glassnode, approximately 11% of the total supply of Ethereum (ETH) was accessible for active trading, marking a decrease from 15.8% recorded at the same period last year. This trend has persisted into 2024, despite a significant 57% surge in ETH’s value year-to-date (YTD). Should this downward trend persist, the scarcity of available supply could intensify even further.
ETH Price Action
Ethereum continues to maintain its position above the $3,550 mark, supported by the 100-hourly Simple Moving Average. A crucial bullish trend line is also taking shape, with a support level forming around $3,550 on the hourly chart of ETH/USD. This trend line closely aligns with the 61.8% Fibonacci retracement level, calculated from the recent upward movement between the $3,491 swing low and the $3,654 high.
Looking ahead, immediate resistance is anticipated near the $3,630 level, followed by a more significant barrier near $3,650. Further upward momentum could encounter resistance at $3,680, a pivotal level that might propel Ether towards the $3,800 mark. If this resistance is surpassed, Ethereum could aim for the $3,880 resistance level. A sustained uptrend may even propel the price towards the significant $4,000 milestone.
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