Ethereum's network has reached its highest level of transaction activity since the beginning of 2023, attracting increased investor interest.
Record Activity of Ethereum
According to CryptoQuant data, Ethereum records more than 1.5 million daily confirmed transactions. This indicates rising activity on the platform amid growing investor interest. Currently, ETH is trading at $2,427, with a 24-hour trading volume of $11.74 billion and a market cap of $293.07 billion.
Analysis of Potential Breakout
Crypto analyst Mikybull stated that Ethereum has successfully passed the Wyckoff reaccumulation test, indicating the end of the consolidation period and the possibility of an upward trend. He identified the range of $3,200 as a potential breakout point. According to him, an upcoming bull run may lead to new all-time highs. Analyst Michel van de Poppe also pointed to ETH's strong positions, suggesting that as long as support at $2,400 holds, the market is looking at higher resistance.
Signs of Altcoin Season
Recent activity by Ethereum signals an incoming altcoin season. The Altcoin Season Index is starting to show signs of activity, and many analysts expect broad growth among non-Bitcoin assets. Bitcoin currently has a dominance of 65.77%, but records indicate that altcoins tend to perform better in the weeks following when Bitcoin's dominance is around 70%.
Given current trends and analysis, Ethereum is heading toward a potential breakout that could lead to prices of $3,200 and beyond, supporting expectations for increases between $9,000 and $10,000.
