Ethereum Eyes Break Above $3,400 as Network Activity Stays Strong
Ethereum (ETH) shows renewed upside momentum as network usage and smart contract activity remain elevated. ETH is trading in a $3,013–$3,263 range and has gained over 11% this month. Nearest resistance sits at $3,408; a successful break could target a secondary resistance near $3,657, implying an 11–13% upside from the current range. The 10-day moving average just above $3,300 supports short-term bullish momentum despite a prior six-month pullback. High on-chain transaction and deployment activity suggest continued demand and utility, which may underpin steady price appreciation, though short-term volatility remains possible. This update is informational and not investment advice.
Bullish
The article highlights rising on-chain activity and an 11% monthly gain for ETH, plus technical signals that favor further upside: trading above the 10-day moving average and clear resistance targets at $3,408 and $3,657. Increased transaction and smart contract deployments are demand-side indicators that have historically supported price appreciation for Ethereum (for example, periods of heightened DeFi and NFT activity in 2020–2021 correlated with strong ETH rallies). A break above $3,408 would likely trigger short-term momentum buying and push price toward $3,657, producing a near-term bullish move. However, the note about potential short-term fluctuations and the prior six-month dip imply risk: traders should watch volume confirming any breakout and monitor on-chain metrics (active addresses, gas usage) to validate sustainability. In summary, expect a bullish short-term impact if resistance is taken with confirming volume; long-term outlook depends on continued network utility and macro conditions.