Ethereum Price Eyes $2,773 as Network Activity Surges

Ethereum's price has been showing signs of improvement after a recent downturn, according to analysts. The network's new-address data showed an 8-day increase of around 75%, with new addresses rising from 121,210 on August 8 to 212,560 eight days later.

This growth in network activity adds to the bullish setup for Ethereum's price. The MVRV golden cross has strengthened the recovery case, with $2,773 emerging as a major target. However, Ethereum still needs to clear resistance between $1,980 and $2,080 before reaching this level.

The MVRV Momentum indicator also recently confirmed a golden cross, which has historically preceded significant price rallies in Ethereum. According to Ali Martinez, the previous four signals came before ETH crypto rallies of 50%, 166%, 74%, and 113%.