Ethereum is currently trading above $3,000, potentially gearing up for a significant rally towards $4,000 and even breaking its all-time high. The coin has recently demonstrated resilience, with its price fluctuating between $3,000 and $3,500.

Despite facing tough competition from Solana, the overall network activity for Ethereum has surged by 23% within the past 24 hours, boosting its price above $3,200. Analysts note this increase is a positive signal, hinting at a bullish trend.

Ethereum Price Surge

ETH Price Analysis: Is Ethereum Price Ready To Rip?

Active addresses on the Ethereum mainnet have jumped by over 37% recently, reaching 670,000 last week. This impressive figure comes as a stark contrast to March 2024, when active addresses stood at around 400,000.

Despite these gains, substantial resistance remains, with major selling pressure still present. Bulls need to maintain trading above the psychological level of $3,200 to continue the upward momentum.

ETH Whales Missing in Action, But Buterin Has a Plan

The lack of large transactions raises concerns about institutional interest. Vitalik Buterin has emphasized the importance of focusing on enhancing the Ethereum ecosystem through scaling solutions. He proposes increasing the number of “blobs” to facilitate larger transaction volumes, which could significantly reduce fees and potentially burn over 700,000 ETH annually.

Overall, with the growing network activity and strategic plans from key figures like Buterin, the Ethereum community remains optimistic about a potential bull run in 2025.