"The Network Moved First"...Ethereum Rises, A More Important Signal Than Price Emerged

▲ Ethereum (ETH) ©Dasol Ko

Ethereum (ETH) is showing a strong upward trend compared to the market, based on the fundamental signal of a surge in developer activity.

According to CoinMarketCap, a cryptocurrency market aggregation site, on April 26 (local time), Ethereum rose 2.20% over 24 hours to reach $2,364.54, outperforming the overall market which showed a moderate upward trend.

The key to this rise is network growth. On-chain metrics show that the 180-day moving average of smart contract deployments has hit an all-time high, which is interpreted as a typical signal that preceded major upward rallies in the past. Analysis suggests that increased developer activity and expanded network utilization are moving ahead of price, stimulating investor sentiment.

Technical trends also support this. Ethereum broke through its 200-day moving average of $2,329.99, and its trading volume also increased by 25.58% over 24 hours, reaching approximately $8.84 billion. This shows a clear relative strength compared to Bitcoin, which only rose 1.0% during the same period. However, the Relative Strength Index (RSI) has risen to 77.69, simultaneously indicating short-term overheating.

In the short term, the $2,330 to $2,350 range is expected to act as a key support level. If this range is maintained, there is potential to test the $2,400 to $2,500 resistance zone. Conversely, if it breaks down, selling pressure could extend to $2,200.

In particular, the ETHFI token unlock event scheduled for April 30 is considered a variable. With the possibility of up to 95.7% dilution mentioned, which could stimulate short-term selling pressure, the ability to absorb supply and demand will be crucial for the upward trend to continue.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*