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Ethereum price quickly rebounded back above $3,000 after remaining below $3,000 for less than a week.
Analyst Mikael van de Poppe described the move as a strong signal, noting that Ethereum prices have recovered most of their recent losses relative to Bitcoin and hold important support.
During Asian trading, Ethereum price rose to around $3,028, with eyes turning to nearby resistance at $3,100.
Glassnode analysts said prices are currently trading within intensive cost territory, reflecting a build-up of fundamentals rather than outright sales pressure.
At the network level, Santiment announced that the number of non-empty wallets on Ethereum has exceeded 175 million, a record high.
Interest in staking also continues, reducing supply on the trading platform.
On the other hand, experts explain that the need for users to become auditors far outweighs the desire to withdraw, and the queue for deposits exceeds 54 days, while the queue for withdrawals does not exceed 1 day, which is a positive indicator of the strength of the network.
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