The world’s second-largest cryptocurrency Ethereum (ETH) has recovered much of its lost ground from the lows of $3,000 last month in March. As of press time, the Ethereum (ETH) price is trading 2.5% up at $3,615 with its market cap of $433 billion.

Ethereum Non-Zero Addresses Hit New All-time High

On-chain data provider Santiment highlights the significant rebound in the Ethereum price over the last weekend. As said, this recovery comes after experiencing a notable dip of -25% between March 11th and 19th.

Notably, the number of Ethereum addresses holding coins has reached an all-time high of 118.23K, indicating growing investor participation. Additionally, the mid-term MVRV (Market Value to Realized Value) ratio has exhibited a subtle bullish signal, hinting at potential positive market sentiment.

Courtesy: Santiment

As reported by CoinGape last week, the Ethereum whale transactions have also been on the rise hinting at a bullish price action going ahead. Another bullish indicator is that a large portion of the Ethereum supply has been moving off exchanges with ETH exchange reserves hitting new lows.

As per the data from Glassnode, approximately 11% of the total supply of Ethereum (ETH) was accessible for active trading, marking a decrease from 15.8% recorded at the same period last year. This trend has persisted into 2024, despite a significant 57% surge in ETH’s value year-to-date (YTD). Should this downward trend persist, the scarcity of available supply could intensify even further.

Courtesy: Glassnode

ETH Price Action

Ethereum continues to maintain its position above the $3,550 mark, supported by the 100-hourly Simple Moving Average. A crucial bullish trend line is also taking shape, with a support level forming around $3,550 on the hourly chart of ETH/USD. This trend line closely aligns with the 61.8% Fibonacci retracement level, calculated from the recent upward movement between the $3,491 swing low and the $3,654 high.

Looking ahead, immediate resistance is anticipated near the $3,630 level, followed by a more significant barrier near $3,650. Further upward momentum could encounter resistance at $3,680, a pivotal level that might propel Ether towards the $3,800 mark. If this resistance is surpassed, Ethereum could aim for the $3,880 resistance level. A sustained uptrend may even propel the price towards the significant $4,000 milestone.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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