Ethereum activity hits 788K addresses – Can ETH finally break out?
Ethereum's network activity has surged, with over 788,000 daily active addresses and more than 255,000 new addresses created, indicating strong underlying demand and user growth. Despite this, ETH's price remains range-bound between $1,807 support and $2,371 resistance, failing to break out despite repeated tests. On-chain data shows persistent outflows from exchanges, suggesting accumulation, but this has not yet translated into significant buying pressure. Derivatives markets reveal declining open interest and a negative funding rate, reflecting bearish sentiment and reduced leverage. While network fundamentals strengthen, the price lacks the momentum for a sustained breakout due to ongoing consolidation and dominant short positioning.
ambcrypto04/03 03:02