Over the past two weeks, Ether has demonstrated significant growth, attracting increased interest. This article examines the factors driving this trend and future prospects.
Growing network activity supports Ether price
In the last two weeks, there has been a notable increase in network activity in Ether, expressed in the growth of both daily active users and transaction counts. This indicates a rising engagement across multiple chains, including Ethereum, Polygon, Arbitrum, Optimism, xSync, and Base. Between October 27 and November 19, the daily active addresses increased from 377,065 to 487,941, with transactions reaching 1.29 million. This activity also manifests in increased DAPP usage, resulting in a 25% increase in total value locked since November 5.
ETH smart money sentiment on the rise
Interest in ETH from 'smart money' continues to grow. According to Market Prophit data, 'smart money' shows substantial confidence in Ether with a score of 2.28 out of 5, indicating considerable confidence in further price growth.
Ether's U-shaped pattern points to a rise to $3,700
ETH price actions have formed a U-shaped recovery pattern on the four-hour chart. If the price stays within this formation, it could reach the neckline at $3,376. Closing above this level could push the ETH/USD pair towards a target of $3,735.
Ether continues to show positive momentum, supported by increased network activity and investor interest. This, in turn, creates the potential for further price increases if current trends persist.
