A Booming Ethereum Network
Ethereum (ETH) continues to hold firmly above the $1,770 support level, a key area with over 4.56 million holder addresses, according to IntoTheBlock.
At the time of writing, ETH is trading at $1,821.719, slightly up by 0.30% over the last 24 hours. Bullish signals are increasing, driven by a positive market sentiment and solid fundamentals. But will the bulls manage to break the resistance at $1,867 to target $2,030?
The fundamentals of Ethereum show a dynamic network activity. Over the past seven days, the number of new addresses has surged by 79.09%, while active addresses have risen by 11.41%.
Furthermore, zero-balance addresses have surged by 105.49%, which may reflect increased experimentation, wallet cleanup, or lost keys. These numbers demonstrate growing adoption and robust ecosystem health, despite recent price fluctuations.
This on-chain strength could act as an early indicator of future demand, reinforcing the notion that the Ethereum ecosystem remains fundamentally strong. With a general sentiment at 0.71 and smart money sentiment at 0.18 (Market Prophit data), optimism prevails, suggesting a potential breakout attempt if the momentum persists.
Liquidity and Volatility : A Tense Market
Ethereum reserves on exchanges have slightly increased, reaching $36.07 billion (+1.16%). This increase may signal potential selling pressure but also an anticipation of volatility from traders adjusting their positions.
Currently, ETH is hovering around $1,830, trapped between critical leverage levels. According to Binance’s liquidation chart, short position liquidations are concentrated below $1,800, while long exposures dominate at $1,850, especially on high leverage (50x and 100x).
This scenario creates a “compressed spring” effect: a sharp move could trigger cascade liquidations. A breakthrough above $1,850 could amplify the bullish momentum, while a drop below the key support might lead to exacerbated losses for long positions.
Technical Configuration Under Monitoring
From a technical standpoint, Ethereum is trading in a narrow range between the $1,770 support and the $1,867 resistance. The latter level has impeded recent rally attempts, but a clear breakthrough supported by high volume could pave the way for an extension to the Fibonacci 1.618 at $2,030.
However, the Stochastic RSI, nearing 96, indicates an overbought condition, calling for caution. The structure of higher lows and horizontal resistance forms a classic breakout setup closely monitored by traders.
Additionally, bearish divergences are emerging on the 4H and higher RSI. The CMF also indicates capital outflows and/or a significant lack of interest that could lead to a short-term resistance breakout.
Furthermore, the uptrend line converges towards a short-term retracement to liquidate long positions first. If ETH breaks the $1,660 support, it will likely move towards the next level at $1,530.
In summary, Ethereum shows promising signals with strong support at $1,770, increasing network activity, and a marked bullish bias (64.67% of traders are long, according to Binance).
However, the resistance at $1,867 remains a major obstacle. A decisive breakthrough could propel ETH towards $2,030, triggering a resurgence of momentum in the market. Conversely, an unexpected fallback could squeeze long positions. The upcoming moves will be crucial in determining Ethereum’s trajectory.
In the long run, investors should monitor Ethereum, which maintains strong fundamentals. To buy Ethereum (ETH) on Bitget, here are the key steps:
- Create a Bitget account
Sign up on Bitget with your email or phone, verify the code sent, and enable 2FA to secure your account. - Verify your identity (KYC)
Submit an ID document to complete the KYC verification, necessary for trading. - Add funds
Deposit cryptocurrencies (USDT, BTC) or fiat via credit card (Visa, Mastercard) or bank transfer in the “Deposit” section. - Access the ETH market
Go to the “Spot Market,” search for “ETH,” and select the ETH/USDT pair. - Make the purchase
Choose a market order (instant purchase) or limit order (fixed price), enter the quantity, and confirm.
