Ether’s recent rise to about $2,400 places the token roughly 38% above its swing low near $1,750, prompting debate over whether this is a short-lived momentum burst or the start of a longer-term advance supported by on-chain signals.
On-chain accumulation and network activity
Daily active addresses surged 89%, climbing from 384,763 on April 5 to 730,278, a notable increase in network engagement. Historically, similar spikes in activity have shown up around macro lows and before major ETH rallies.
Addresses classified as accumulation wallets — those without a history of selling — have absorbed roughly 6.5 million ETH. The balance in these wallets rose from 19.64 million on Jan. 1 to 26.16 million, a 33% gain. Daily inflows into accumulation addresses have been elevated since mid-2025, peaking at 1.14 million ETH in November 2025. In 2026, inflows averaged about 200,000 ETH per day, with an intraday spike above 358,000 ETH.
Staked ETH has also expanded, now near 39.2 million ETH, signaling continued investor commitment to long-term holding. Meanwhile, Ether held on exchanges has fallen to multi-year lows, tightening the available liquidity on order books.
Technical picture: cup-and-handle and targets
From a price-action standpoint, ETH/USD appears to have broken a cup-and-handle formation. A confirmed 12-hour candlestick close above the neckline near $2,400 would strengthen the bullish case. Using the cup’s depth as a measured move points to a target near $2,960 (about 22% above current levels). The relative strength index is around 68, showing bullish control but edging toward overbought readings.
A larger daily cup-and-handle highlighted by market participants targets roughly $3,150 (near 30% from current levels). To sustain a breakout, maintaining support in the $2,350–$2,400 area will be important. A confirmed close above $2,400 could increase the probability of moves toward $2,800 and later $3,050.
Bottom line
Rising active addresses, steady inflows to accumulation wallets, growing staked supply, and shrinking exchange reserves form a bullish on-chain backdrop for ETH. Technical patterns point to upside targets in the ~$2,960–$3,150 range if key levels hold and breakouts are confirmed. At the same time, momentum indicators suggest caution for short-term overextension.
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