Ethereum (CRYPTO: ETH) is up 4% over the past month, showing resilience where many other altcoins show weakness.
Trader Notes: Crypto analyst Ali Martinez noted that Ethereum has been stuck in a $2,600-$3,400 range for more than two months, but early signs of a breakout are forming.
On-chain activity has strengthened, with daily active addresses doubling over the past two weeks to more than 800,000.
ETF demand has also increased, with roughly 158,545 ETH, worth about $520 million, accumulated since Dec. 29, creating strong support between $2,772 and $3,119.
From a technical perspective, ETH continues to coil within a daily triangle pattern.
Martinez said holding above the key $3,085 support level could set the stage for a breakout above $3,400, opening the door to a move toward $3,660 and potentially $4,000.
Statistics: Etherscan data shows Ethereum is processing transactions at record levels.
Daily transactions reached 2.88 million on Friday and stood at about 2.5 million as of Jan. 19, marking the highest sustained activity in the network’s history.
At the same time, Ethereum’s validator exit queue has dropped to zero, allowing stakers to withdraw ETH almost immediately, a sign the network is handling elevated usage efficiently despite rising demand.
Image: Shutterstock
$ETHEthereum$2995.47-6.02%Overview$BTCBitcoin$89576.00-3.23%$XRPRipple$1.90-4.11%Market News and Data brought to you by Benzinga APIs
