Ether (ETH) has demonstrated strength over the last two weeks, rising 30% between Nov. 4 and 19.
This rally saw the largest altcoin by market capitalization break above $3,000 for the first time since Aug. 2.
ETH/USD daily chart. Source: TradingView
Although its bullish momentum has slowed over the past few days, onchain data and its technical setup suggest that there is still more upside for ETH.
Growing network activity supports Ether price
Ether’s bullishness over the last two weeks has been accompanied by a robust increase in both daily active users and transaction counts.
The number of daily active addresses (DAAs) on Ethereum has been increasing over the last month, rising from 377,065 on Oct. 27 to 487,941 on Nov. 19, according to Glassnode data.
This suggests a clear trend of rising engagement across multiple chains within the ecosystem, including the Ethereum mainnet, Polygon, Arbitrum, Optimism, xSync, and Base.
Daily active addresses on Ethereum. Source: Glassnode
Transaction counts also mirror this growth, with Ethereum daily transactions reaching 1.29 million on Nov. 15, up from 962,160 on Oct. 27.
This significant increase in transaction volume indicates not just active trading but also an increase in decentralized application usage, from decentralized finance (DeFi) to gaming and others. As such, the total value locked (TVL) on Ethereum has increased by 25% since Nov. 5.
TVL and daily transactions on Ethereum. Source: DefiLlama
ETH smart money sentiment on the rise
Sentiment around ETH showed increased interest from smart money — capital managed by experienced individuals or high net worth entities, often referred to as “whales” in the world of cryptocurrencies.
Data shared by Market Prophit reveals that the general crowd held a slightly bullish stance on Ether with a score of just 0.06, indicating minimal enthusiasm among regular investors.
On the other hand, smart money held a highly positive sentiment at a score of 2.28 on a scale that peaks at 5. This suggests significant confidence from experienced investors, which may signal upside price movements for ETH in the near term.
Source: Market…
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