Recently, Ethereum has rebounded after a sharp liquidity flush, leading to interesting changes in its network activity.
Ethereum's Price Recovery
Ethereum has rebounded following a sharp liquidity sweep below its key support zone. According to a 4-hour Binance chart, ETH dipped below the $2,379 level, causing increased volatility and triggering stop-losses. However, ETH quickly recovered into its previous consolidation zone. Currently, Ethereum trades around $2,418, and analysts are focusing on the $2,500 level as a critical point on the chart.
Surge in Transaction Activity
Despite a relatively stable price, activity on the Ethereum network has surged. Recent data from CryptoQuant indicates the network recorded 1.75 million daily transactions, ranking as the third-highest count in history. Increased activity is seen on DeFi platforms and in smart contract executions. Observers note a growing divergence between price and network utility.
ETH Transfers by Ethereum Foundation
The Ethereum Foundation transferred 9,000 ETH, equivalent to about $22.67 million, to a Gnosis Safe wallet. These transfers began two weeks ago in batches of 1,000 ETH. The latest transfer was made four hours ago. The purpose of these transfers remains undisclosed, and some analysts suggest it could be related to internal project funding or ecosystem support.
Recent changes in Ethereum's price and the increase in network activity highlight important points for the future development of this cryptocurrency. Potential targets on the chart and the rise in transaction activity may indicate underlying strength in the market.
