According to Cointelegraph, Ethereum TVL surged 41% to $52.8 billion in 30 days, and daily transaction volume increased 22% to 1.34 million times, showing a strong recovery of the network. ETH price faces major resistance of $2100-$2800.
ETH price has been supported by the 50-day moving average of $1775 since it broke through the $1600 downtrend line on April 22. The relative strength index rose from 56 to 66, indicating a strengthening of bullish momentum. The target price is $3000.
Analyst Crypto Claws believes that the ETH/USD pair is ready for a bullish reversal with a price target between $2,500 and $3,500. Crypto Salamanca said that ETH could reach $2,150-$2,700 in the coming weeks.
Ethereum on-chain metrics show strength, with TVL increasing from $44.5 billion on April 9 to $52.8 billion on May 8. Nevertheless, a 95% drop in Ethereum fees year-to-date could slow ETH’s rise to $3,000.
