Ethereum’s active addresses jump 10% in 48 hours as ETH surges past key resistance

Ethereum is showing signs of renewed strength on-chain and in price action, with active addresses spiking and the $ETH price finally breaking past a key resistance level that had held it back for over a week.

According to data shared by CryptoQuant analyst Carmelo Alemán, between Apr. 20 and Apr. 22, the number of active Ethereum ($ETH) addresses increased by almost 10%, rising from about 306,000 to over 336,000. This uptick indicates increasing network participation at a time when $ETH is beginning to regain some bullish momentum.

Although they are not a guarantee of upward movement, spikes in address activity can be an early sign of shifting sentiment and frequently indicate growing investor interest, especially when combined with rising price action.

And that’s exactly what we’re seeing. $ETH has finally pushed above the $1,650 resistance zone, a level that had acted as a ceiling since mid-April. Following a strong green daily candle breakout, $ETH price has crossed $1,790, breaking away from the short-term range in which it had been stuck.

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Ethereum price analysis. Credit: crypto.news

Buyers appear to be regaining control for the first time in weeks. $ETH is now trading above both the 10-day and 20-day moving averages, which suggests growing strength in the short term. At just over 50, the relative strength index indicates mild bullish momentum without being overbought.

The moving average convergence/divergence has also started to show early signs of a trend shift, turning slightly positive. Not all indicators are in complete agreement though. The stochastic RSI is already nearing the top of its range, which could signal short-term exhaustion if more buyers don’t enter the market.

One key factor to watch is Ethereum’s transaction fees. The network’s fees remain unusually low, around $0.31 on average, as per YCharts data. This indicates that on-chain demand is still low even though the network is cheap to use.

Still, with active addresses rising and $ETH holding above previous resistance, the short-term outlook looks better than it has in weeks. If momentum continues, the next major test will be whether $ETH can make a run toward $2,000.