Ethereum (ETH) has recently shown impressive performance, rebounding 24% from a low of $1,585.70 on April 20, and is currently on an upward trend. What has driven this rebound? Let's take a look at three aspects to see if a bull market for Ethereum is truly imminent!
1. Surge in wallet activity, indicating strong forces entering 🔥
In just 48 hours, the number of active wallets on the Ethereum network surged by nearly 10%, increasing from 306,211 to 336,366. This is usually a strong market signal — despite the price dropping to $1,585.70 on April 20, an increase in wallet activity often indicates that more funds and power are quietly entering the market, ready to push prices upward.
This trend has not stopped, as ETH surged back to $1,756 on April 22, rebounding 24% from its low. This is not only a short-term rebound but also shows the strong momentum of the market's recovery.
2. Ethereum developer activity remains ahead, with continuous technical evolution 👨💻
In the world of blockchain technology, developers are the core force behind projects. Ethereum remains the king of developer activity! According to data, Ethereum developers have submitted nearly 2,500 new code commits, far surpassing other projects such as Solana (SOL), Near Protocol (NEAR), and Cosmos (ATOM).
Why is this so important? More code submissions mean more innovative features, better security, and higher network efficiency. As Ethereum continues to attract a large number of developers, its ecosystem will continue to grow, further laying the foundation for the next wave of DeFi, NFTs, and Layer 2 innovations. This is a powerful driving force supporting a long-term bull market.
3. Chart signals are bullish, and the technicals are also shining 💹
Ethereum's technical charts also show strong bullish signals. Recently, a classic 'golden cross' has appeared on the ETH chart — that is, the short-term moving average has crossed above the long-term moving average. This is usually seen as a strong bullish indicator, suggesting that the market trend may reverse.
Moreover, Ethereum has also broken through the lower bound of the Ichimoku cloud, a position that typically indicates a trend reversal. Once this range is broken, ETH bulls may experience a significant surge.
Source: TradingView (ETH/USDT)
Conclusion: ETH is welcoming the next breakout 🔮
From wallet activity to developer engagement and bullish signals on the charts, Ethereum possesses strong bull market potential. More users, more developers, and the charts are also signaling bullish — all indicators point to 'yes', Ethereum may be on the verge of the next breakout phase.
As the Ethereum ecosystem continues to evolve, is a bull market for ETH on the horizon? Currently, the answer to this question seems to be: yes, ETH may be on the verge of a strong bull market! 🚀
