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Ethereum has entered a pivotal phase after breaking a bullish pattern that has limited price action for nearly two months. ETH pushed decisively above a key resistance zone, confirming renewed bullish momentum.
This technical setback coincided with a historic increase in network participation, marking an important moment for Ethereum’s recovery narrative.
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Ethereum breaks a 7-year record
Ethereum recorded an unprecedented 447,000 new investors joining in a single 24-hour period. The new addresses represent the wallets That interacts with ETH For the first time. This success reflects a sharp acceleration from recent trends, with new daily addresses already exceeding 300,000 in the past week.
The continuous increase in the number of participants for the first time in the past month highlights the growing organic demand. More than 300,000 new addresses are made every day, with the latest spike marking the end of a 7-year record of 351,000 addresses. This influx is usually in line with the improving price structure, which reinforces the explosion of Ethereum, and supports a continued recovery.
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The increasing growth of addresses also indicates wider adoption beyond speculative trading. Increased participation increases the utility of the network, which historically supports price stability during spikes. As new capital enters the ecosystem, Ethereum gains resistance to short-term fluctuations.
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Why are young ETH holders less likely to sell?
From a macro perspective, the net unrealized gain and loss index for short-term carry holders has begun to trend upward. This indicator tracks profitability among recent buyers and provides insights into selling pressure. While STH NUPL is growing, it remains in the surrender zone.
This situation is constructive for the continuation of the price. still Average short-term Ethereum holder If it is weak, which reduces the incentives to sell by force. As long as the losses continue, most of the shorts will probably maintain their positions, limiting the distribution during the first stages of the rally.
Historically, Ethereum’s rallies have gained momentum while STH NUPL is still negative, but improving. When the gauge moves from the capitulation and turns positive, selling pressure often increases. Until this change, ETH retains the space to increase without experiencing intense gains.
The price of ETH stands out
Ethereum is trading near $3,317 at the time of writing, with the $3,287 support level holding firm. This area represents the upper limit of the triangle pattern That ETH has escaped During the last twenty four hours. This discovery projects a potential upside of 29.4%, targeting around $4,240.
Strengthening fundamentals support this expectation. Rising stock growth and tight selling indicate that new capital is driving the momentum. If the move above $3,441 continues, the breakout will be strengthened. Crossing this level could take ETH towards $3,607, which confirms the continuation of the trend and improves confidence in the medium.
However, the downside risk remains if sentiment suddenly changes. If short holders sell early to recoup losses, it can come back ethereum Under $3,287. A return to the triangle will weaken the bullish structure. In this case, ETH could return towards $3,131 or $3,000, invalidating the discovery hypothesis.
