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▲ Ethereum (ETH)
Despite its declining price, Ethereum (ETH) is recording its highest-ever number of users, forming a bullish divergence, a strong technical rebound signal.
Cryptocurrency specialized media Bitcoinist reported on April 27 (local time) that Ethereum's price has recovered to the $2,300 level, indicating that buying forces are regaining control. Currently, a historical bullish divergence has been observed in Ethereum's chart, where user activity indicators are rising even as the price declines or stagnates. This suggests a temporary disconnect where market fundamentals are strengthening, but the price is not keeping pace, implying a high probability of an explosive price correction soon.
According to data from on-chain data analytics firm Santiment, the number of active users on the Ethereum network recently hit an all-time high. While the price has shown a sluggish trend, actual network usage has exploded. Cryptocurrency analyst Sebastian Villafuerte analyzed, "This phenomenon is a typical sign that appears just before a large-scale price rebound," adding that Ethereum's intrinsic value is overwhelming its market price.
Technical indicators are also uniformly pointing upwards. The Relative Strength Index (RSI) is rising from its lows, showing that buying energy is accumulating. The Moving Average Convergence Divergence (MACD) is also nearing a golden cross formation, raising expectations for a short-term trend reversal. If a breakout above the Ichimoku Cloud is successful, Ethereum could surge directly to the $2,800 level, which was a strong resistance point.
From the supply side, Ethereum's scarcity is also increasing. Continuous capital inflow into Ethereum spot ETFs and an increase in staked volume are rapidly reducing the actual circulating supply in the market. Whale investors are utilizing the current low price levels as an accumulation opportunity, moving their holdings off exchanges. This supply shock phase, combined with the bullish divergence, is expected to act as a catalyst to accelerate Ethereum's value re-evaluation.
Ethereum has completed its preparations to enter a new price formation range, based on its robust user base and technical signals. The point at which the historical discrepancy between price and indicators is resolved is expected to be the most crucial rebound point of this cycle. Market participants are watching for the $2,300 support level, closely monitoring the start of Ethereum's anticipated record-breaking surge rally.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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