Ethereum (ETH) is maintaining its position above the $1,770 support level, with network activity and market sentiment suggesting a potential move toward $2,030.
Network Activity Surge
Ethereum has seen a 79.09% increase in new wallet addresses and an 11.41% rise in active addresses over the past week. This uptick indicates growing user engagement and confidence in the Ethereum ecosystem.
Exchange Reserves and Liquidity
ETH reserves on exchanges have increased slightly to $36.07 billion, up 1.16%. While this could signal potential selling pressure, it may also reflect traders preparing for significant transactions, depending on market sentiment.
Leverage and Market Sentiment
Data from Binance shows that 64.67% of traders are holding long positions on ETH, with a long/short ratio of 1.83. This indicates bullish sentiment but also raises the risk of a market shakeout if conditions reverse.
Technical Outlook
ETH is trading within a tight range between $1,770 and $1,867. A breakout above the $1,867 resistance, supported by strong volume, could propel ETH toward the Fibonacci extension target of $2,030.
Conclusion
Ethereum's strong network fundamentals and market sentiment suggest a potential move toward $2,030. Traders should watch for a decisive breakout above $1,867 to confirm this bullish trajectory.
Disclaimer
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk and volatility. Always conduct your own research (DYOR) and consult with a licensed financial advisor before making any investment decisions.