Ethereum

<img width="2000" height="1315" src="https://coingape.com/wp-content/uploads/2024/03/ethereum-new_11zon.jpg" class="attachment-full size-full wp-post-image" alt="ethereum" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/03/ethereum-new_11zon.jpg 2000w, https://coingape.com/wp-content/uploads/2024/03/ethereum-new_11zon-300x197.jpg 300w, https://coingape.com/wp-content/uploads/2024/03/ethereum-new_11zon-1224x805.jpg 1224w, https://coingape.com/wp-content/uploads/2024/03/ethereum-new_11zon-768x505.jpg 768w, https://coingape.com/wp-content/uploads/2024/03/ethereum-new_11zon-1536x1010.jpg 1536w, https://coingape.com/wp-content/uploads/2024/03/ethereum-new_11zon-150x99.jpg 150w" sizes="(max-width: 2000px) 100vw, 2000px">
<p>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 <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener">Ethereum (ETH) price</a> is trading 2.5% up at $3,615 with its market cap of $433 billion.</p> 
<h3 id="ethereum-non-zero-addresses-hit-new-all-time-high">Ethereum Non-Zero Addresses Hit New All-time High</h3> 
<p>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.</p> 
<p>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.</p> 
<figure id="attachment_188932" aria-describedby="caption-attachment-188932" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-188932" src="https://coingape.com/wp-content/uploads/2024/04/Ethereum-Non-zero-wallets.jpeg" alt="" width="2593" height="1746" srcset="https://coingape.com/wp-content/uploads/2024/04/Ethereum-Non-zero-wallets.jpeg 2593w, https://coingape.com/wp-content/uploads/2024/04/Ethereum-Non-zero-wallets-300x202.jpeg 300w, https://coingape.com/wp-content/uploads/2024/04/Ethereum-Non-zero-wallets-1224x824.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/04/Ethereum-Non-zero-wallets-768x517.jpeg 768w, https://coingape.com/wp-content/uploads/2024/04/Ethereum-Non-zero-wallets-1536x1034.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/04/Ethereum-Non-zero-wallets-2048x1379.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/04/Ethereum-Non-zero-wallets-150x101.jpeg 150w, https://coingape.com/wp-content/uploads/2024/04/Ethereum-Non-zero-wallets-272x182.jpeg 272w" sizes="(max-width: 2593px) 100vw, 2593px">
 <figcaption id="caption-attachment-188932" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/santimentfeed/status/1774339066022260969" target="_blank">Santiment</a>
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</figure> 
<p>As reported by CoinGape last week, the <a href="https://coingape.com/surging-ethereum-whale-transactions-hint-at-upcoming-eth-price-rally/" target="_blank" rel="noopener">Ethereum whale transactions</a> 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.</p> 
<p>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.</p> 
<figure id="attachment_188933" aria-describedby="caption-attachment-188933" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-188933" src="https://coingape.com/wp-content/uploads/2024/04/Ethereum-ETF-Exchange-Reserves.png" alt="" width="1800" height="1013" srcset="https://coingape.com/wp-content/uploads/2024/04/Ethereum-ETF-Exchange-Reserves.png 1800w, https://coingape.com/wp-content/uploads/2024/04/Ethereum-ETF-Exchange-Reserves-300x169.png 300w, https://coingape.com/wp-content/uploads/2024/04/Ethereum-ETF-Exchange-Reserves-1224x689.png 1224w, https://coingape.com/wp-content/uploads/2024/04/Ethereum-ETF-Exchange-Reserves-768x432.png 768w, https://coingape.com/wp-content/uploads/2024/04/Ethereum-ETF-Exchange-Reserves-1536x864.png 1536w, https://coingape.com/wp-content/uploads/2024/04/Ethereum-ETF-Exchange-Reserves-678x381.png 678w, https://coingape.com/wp-content/uploads/2024/04/Ethereum-ETF-Exchange-Reserves-150x84.png 150w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-188933" class="wp-caption-text">
  Courtesy: Glassnode
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</figure> 
<h3 id="eth-price-action">ETH Price Action</h3> 
<p>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.</p> 
<p><img decoding="async" class="aligncenter size-full wp-image-188934" src="https://coingape.com/wp-content/uploads/2024/04/Ethereum-ETH-Price-Action.webp" alt="" width="1024" height="461" srcset="https://coingape.com/wp-content/uploads/2024/04/Ethereum-ETH-Price-Action.webp 1024w, https://coingape.com/wp-content/uploads/2024/04/Ethereum-ETH-Price-Action-300x135.webp 300w, https://coingape.com/wp-content/uploads/2024/04/Ethereum-ETH-Price-Action-768x346.webp 768w, https://coingape.com/wp-content/uploads/2024/04/Ethereum-ETH-Price-Action-150x68.webp 150w" sizes="(max-width: 1024px) 100vw, 1024px"></p> 
<p>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 <a href="https://coingape.com/markets/ethereum-price-prediction-as-end-of-correction-to-gain-regain-4000/" target="_blank" rel="noopener">$4,000 milestone</a>.</p> 
<p>The post <a href="https://coingape.com/ethereum-non-zero-addresses-hit-ath-will-eth-price-follow/">Ethereum Non-Zero Addresses Hit ATH, Will ETH Price Follow?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Ethereum Non-Zero Addresses Hit ATH, Will ETH Price Follow?

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