Ethereum Activity and Market Dynamics: Key Levels and Trading Insights

Ethereum Daily active addresses

User activity on the Ethereum network has recently spiked, reflecting a significant increase in engagement among users. Over the past week, the number of unique addresses involved in transactions surged by 21%, reaching approximately 362,000 active addresses. The daily transactions also jumped 8% during the same period.  Amidst a surge in user activity and strong Bitcoin, Ethereum prices remain bullish above $2500.

ETH reserves-

Ethereum reserves on centralized exchanges have dropped to approximately 11.7 million ETH, the lowest since 2016. This represents a decline from about 14 million ETH at the beginning of 2024, indicating a decrease of over 15% in just a few months. This implies less ETH availability and is positive for ETH in the short term.

The intraday bullishness is possible if it holds above $2550.On the higher side, the near-term resistance is 2550. Any significant jump above targets $2705/$2820/ $3000/$3200. Significant bullish continuation only above $3400.

The immediate support is around $2300. Any breach below $2500 confirms bearish continuation. A dip to $2100/$2000/$1800/$1500 is possible. A violation below $1500 will drag the Ethereum to $1000.

It is good to buy on dips around $2500 with SL around $2300 for TP of $2820.