Ethereum has seen tremendous growth over the past month, with the price of ETH increasing over 30% and gaining another 17% just this week. The cryptocurrency broke above $2,000 on Thursday and while prices have pulled back slightly, ETH is still up more than 9% today. This recent surge seems poised to continue, according to analysis from several crypto experts.
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Bullish Network Growth Fuels Optimism
Source: Santiment – Start using it today
As noted by Santiment, Ethereum’s market value has jumped 38% in just 4 weeks. This growth has been powered by expanding network activity, particularly among small ETH holders. Micro-addresses holding less than 0.1 ETH have surpassed 100,000 wallets for the first time, showing strong adoption at the retail level. Larger wallet tiers holding between 0.1-10 ETH and over 10,000 ETH are also finally trending upward again after months of decline.
This resurgence in users and activity levels points to strengthening fundamentals for Ethereum. As more individuals and organizations build on the network, utilize DeFi protocols, and acquire ETH, natural demand rises. This network effect helps drive prices over the long run.
Technical Milestones Attained
Not only have usage metrics turned favorable, but ETH has also reclaimed key technical levels recently. As noted by Ali, Ethereum has moved back above the $2,000 mark. This is a psychologically important threshold that could drive further momentum, especially considering the next major resistance level sits around $2,800 – the yearly high.
Reclaiming $2,000 is even more impressive given that large ‘whale’ wallets have not yet begun accumulating ETH in this recent run, according to Ali. This means there is substantial dry powder waiting on the sidelines that could propel prices higher once these large players enter.
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In summary, Ethereum is exhibiting a textbook mix of strong on-chain activity, technical breakouts, and speculation around products like ETFs. These factors point to a continued ETH price surge in the coming weeks and months.
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