Ethereum Surges 11.175% Amid Network Activity Boost

Ethereum's latest price was $1752.70, up 11.175% in the last 24 hours. The cryptocurrency is currently at a critical juncture, with market analysts closely monitoring its price action to determine whether it can hold above key support levels or face further declines. The ongoing global tensions and macroeconomic uncertainty continue to pressure markets, but Ethereum appears to be stabilizing and finding demand despite the broader risk-off sentiment.

Analysts are divided on Ethereum's future trajectory. Some believe that the recent consolidation above key levels signals a potential recovery rally, especially if momentum continues to build. However, others caution that Ethereum may still face another leg down before a true reversal can begin. On-chain data from Glassnode highlights the next major support around a specific level, historically offering strong long-term returns but also coinciding with peak market fear.

Ethereum's network activity has seen a significant uptick, with a surge in new user adoption. According to data from IntoTheBlock, Ethereum's new user adoption rate rose to 40% last week, indicating a resurgence of interest in the network's technology and real-world utility. This influx of first-time users suggests growing interest beyond speculation, which could pave the way for increased demand and a potential price trajectory shift.

Vitalik Buterin, the founder of Ethereum, recently proposed a RISC-V upgrade to replace the Ethereum Virtual Machine (EVM) protocol. This upgrade aims to modernize the network's execution layer, targeting better scalability, lower costs, and addressing performance issues. The proposed changes are expected to future-proof the network and keep it at the forefront of smart contracts, potentially sparking a significant rally in Ethereum's price.

Market expert Trader Tardigrade has offered another perspective on Ethereum's current price action, predicting a potentially massive leg-up in the upcoming months. According to his analysis, Ethereum is set to hit $10,000 this cycle, debunking the trend into three phases: a markdown phase, a recovery phase with a breakout to the trendline, and a mark-up phase where prices explode. Currently, Ethereum has entered the mark-up phase, which is expected to lead to the most aggressive uptrend since 2022, with the altcoin's price hitting the $10,000 level at the end of this phase.