A 30% Surge in Two Weeks
Ether has demonstrated significant strength over the last two weeks, with a remarkable 30% price increase between November 4th and 19th. This impressive rally marked a milestone for the largest altcoin by market capitalization, as it broke above $3,000 for the first time since August 2nd.
ETH/USD Daily Chart
[Image: ETH/USD daily chart from TradingView]
Although its bullish momentum has slowed slightly over the past few days, on-chain data and technical analysis suggest that there is still substantial upside potential for Ether.
Growing Network Activity Supports Ethereum Price
The recent price surge has been accompanied by a robust increase in both daily active users and transaction counts. According to Glassnode data, the number of daily active addresses (DAAs) on Ethereum has been rising steadily over the last month, increasing from 377,065 on October 27th to 487,941 on November 19th.
Daily Active Addresses on Ethereum
| Date | Daily Active Addresses |
| --- | --- |
| Oct 27 | 377,065 |
| Nov 5 | 429,123 |
| Nov 12 | 460,891 |
| Nov 19 | 487,941 |
This trend indicates a clear growth in engagement across multiple chains within the ecosystem, including Ethereum mainnet, Polygon, Arbitrum, Optimism, xSync, and Base.
Transaction Counts Reflect Growing Usage
Similarly, transaction counts have mirrored this growth, with Ethereum daily transactions reaching 1.29 million on November 15th, up from 962,160 on October 27th.
TVL and Daily Transactions on Ethereum
| Date | TVL | Daily Transactions |
| --- | --- | --- |
| Oct 27 | $14.4B | 962,160 |
| Nov 5 | $16.1B | 1.03M |
| Nov 15 | $17.6B | 1.29M |
This significant increase in transaction volume not only indicates active trading but also an uptick in decentralized application usage, from DeFi to gaming and others.
ETH Smart Money Sentiment on the Rise
Sentiment around ETH has shown increased interest from smart money – capital managed by experienced individuals or high net worth entities, often referred to as ‘whales’ in the world of cryptocurrencies. Data shared by Market Prophit reveals that the general crowd held a slightly bullish stance on Ether with a score of just 0.06, indicating minimal enthusiasm among regular investors.
Smart Money Sentiment
| Score | Description |
| --- | --- |
| 0-1 | Bearish |
| 1-2 | Neutral |
| 2-3 | Bullish |
| 3-4 | Very Bullish |
| 4-5 | Extremely Bullish |
On the other hand, smart money held a highly positive sentiment at a score of 2.28 on a scale that peaks at 5. This suggests significant confidence from experienced investors, which may signal upside price movements for ETH in the near term.
Ether’s U-Shaped Pattern Points to $3,700
ETH price action has led to the formation of a U-shaped recovery chart pattern in the four-hour timeframe. If the price stays within this formation, it could move toward the neckline of the U-shaped chart pattern at $3,376. A decisive close above this level will likely push the ETH/USD pair toward the bullish target of the prevailing pattern at $3,735, representing more than 20% gains from the current price.
ETH/USD Daily Chart
[Image: ETH/USD daily chart from TradingView]
Conversely, a retreat from $3,100 could see a retest of the U-shaped bottom at around $3,000. This level acts as robust immediate support for Ether on the downside, as it is where approximately 3.1 million ETH was previously bought by about 3 million addresses, as per data from IntoTheBlock.
Ethereum IOMAP Chart
[Image: Ethereum IOMAP chart from IntoTheBlock]
Meanwhile, Ether faces stiff resistance around the $3,200 level, where approximately 6.1 million ETH was previously acquired by 4.25 million addresses. Ether would be required to overcome this barrier in order to complete the U-shaped pattern.
Conclusion
In conclusion, while Ethereum’s price action has slowed slightly over the past few days, on-chain data and technical analysis suggest that there is still substantial upside potential for ETH. Growing network activity, smart money sentiment, and a bullish technical setup all point toward a rise in Ether’s price to $3,700 or higher.
Disclaimer
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.