In the top 5 cryptos, Ethereum is lagging, underperforming against Bitcoin, Solana, and virtually all top altcoins. Unlike Solana, which has hit new all-time highs, ETH
.cwp-coin-chart svg path {
stroke-width: 0.65 !important;
}
Price
Volume in 24h
<!–
?
–>
Price 7d
is still fluctuating between the $3,000 and $3,500 range, fending off determined sellers keen on suppressing prices.
However, it looks like this state of “bearish” price action might be coming to an end. Yesterday, despite the Federal Reserve holding rates steady, one analyst on X observed that the coin broke above $3,200.
At the time of writing, the coin is still trading above this threshold and looks firm, building momentum.
ETH Price Analysis: Is Ethereum Price Ready To Rip?
Nevertheless, ETH isn’t out of the woods yet. Looking at the ETH price action, it’s clear that sellers are still in control, and for buyers to take over, they must close above the descending channel. The immediate resistance is at the $3,500 level.
If bulls gain momentum, they might overcome $3,700 and even break above $4,100, 2024 high, in a refreshing buy trend continuation. Before that, optimistic holders could only watch the price action, hoping that bulls would hold above $3,200 in the short to medium term.
(ETHUSDT)
All the same, confidence is high that Ethereum bulls might shake off the weakness and resume the uptrend seen in the second half of 2023, where the coin spiked to as high as $4,100 in January 2024.
While Ethereum faces stiff competition from Solana and validators have to contend with low revenue following the activation of Dencun in early 2024, there are signs of increased activity.
Citing on-chain data, the analyst observes that the number of active addresses on the mainnet rose by over 37%, reaching 670,000 last week. This is nearly 50% more than what was recorded in March 2024, at 400,000, when the community was optimistic about the coin reaching back to $5,000.
(Source)
This unexpected uptick might hint that Ethereum is gearing up for a significant bull run in 2025 that could drastically lift valuations. Even so, traders must remain cautious.
ETH Whales MIA But Vitalik Buterin Has a Plan For ETH Price
Although there are more new users, the number of large transactions remains subdued, particularly when compared to the bull runs of 2021 and 2017.
A different analysis by a user on X notes that the absence of a whale frenzy suggests a lack of institutional demand. However, this “silence” can be interpreted positively since the coin remains above $3,000, a psychological support level.
At spot rates, ETH may be undervalued, which is an opportunity to accumulate.
(Source)
It remains to be seen how ETH prices will evolve in the short term. The community is watching how Ethereum developers will handle the stiff competition, particularly from Solana.
So far, Vitalik Buterin has emphasized the need for a multi-pronged approach to boosting ETH price. In a post, the co-founder pointed out the necessity of further scaling the mainnet while also cementing ETH as a primary asset across the ecosystem.
To increase ETH burning, he suggested increasing the number of “blobs” and setting a minimum price for creating such data containers.
Blobs are crucial for layer-2 solutions and help scale off-chain activities while reducing fees. By his estimation, if the number of blobs increases to 128, over 700,000 ETH could be burned annually.
EXPLORE: $1M Catslap Crypto Burn Expected To Trigger Major Upside For $SLAP Price
Join The 99Bitcoins News Discord Here For The Latest Market Updates
The post Ethereum Bulls Getting Started? Network Activity Up 23% in 24 Hours, ETH Breaks $3,200 appeared first on 99Bitcoins.
