Ethereum’s current price stands at $4,356.94, showing a 1.53% increase in the last 24 hours. Despite a slight 0.39% decrease over the week, traders remain positive as the 24-hour trading volume has surged by almost 70% to $33.94 billion. This surge in activity comes as developers finalize plans for the upcoming Fusaka hard fork, scheduled for Q4 of this year. The focus of the upgrade is on improving validator efficiency through PeerDAS and making gas limit adjustments, which has instilled confidence in Ethereum’s long-term prospects.
Historically, previous upgrades like Dencun have led to significant price spikes, with ETH experiencing a 32% increase post-upgrade. Additionally, there has been a 27% rise in futures open interest this week, indicating that both retail and institutional traders are positioning themselves for a potential uptrend.
The increase in active addresses on the Ethereum network further supports the bullish sentiment. Daily active addresses have rebounded to 645k, surpassing the lows seen in early August and remaining well above the levels observed in July. This uptrend in user participation reflects growing demand and reinforces the idea that Ethereum’s price rally is backed by genuine interest.
Institutional wallets continue to accumulate ETH, while whale exchange inflows are limited, reducing immediate selling pressure. Combined with the rise in open interest, this suggests that traders are taking long positions while organic network activity supports the price floor. As Fusaka’s final code audit is expected in late September, momentum could continue to build as investors anticipate the upgrade.
From a technical standpoint, ETH is currently trading within a range of crucial resistance and support levels. The Bollinger Bands on the 4-hour chart are narrowing, indicating a potential breakout phase. The immediate resistance for ETH is at $4,577, with a push towards $4,774 potentially leading to a retest of the all-time high of $4,953.73.
On the downside, the $4,155 support level is crucial, and a breach of this level could see ETH dropping to $3,967. The RSI is at 54.3, suggesting a neutral stance with a slight bullish bias, while the MACD remains negative, signaling caution despite growing momentum.
Overall, Ethereum appears to be consolidating before a significant move. A clear break above $4,577 could confirm a bullish continuation, while a drop below $4,155 could shift sentiment in favor of bears.
In conclusion, Ethereum’s price is being driven by developments related to the Fusaka hard fork, increased trading volume, and a strengthening network activity. If the positive momentum continues and active addresses keep growing, ETH could potentially retest its all-time high in the near future.