Ethereum rebounds strongly! 3 reasons why the ETH bull run is coming

Momentum is tilting in Ethereum’s [ETH] favor — and it’s not subtle.

In just 48 hours, the number of active wallets on the network jumped nearly 10% — from 306,211 to 336,366 — even as the price dropped to $1,585.70 on April 20.

Typically, when wallet activity increases and prices drop, it’s often a hint that a stronger force is getting involved. So, a price move could be brewing.

That hunch has come true. ETH rebounded strongly, climbing to $1,756 by April 22 — a strong 24% rebound from the local low. This isn’t a flash in the pan. Fundamentals are showing light, too.

Let’s talk developers

When it comes to developer activity, Ethereum is still king. Just look at the developer activity scatter plot and Ethereum is way ahead, dominating both in terms of raw developer count and code commits.

With nearly 2,500 new code commits, it is well ahead of Solana [SOL], Near Protocol [NEAR], Cosmos [ATOM], and Sui [SUI], which all have less than 1,500 commits.

From code to charts, Ethereum is shining

A “golden cross” has just occurred on the Ethereum chart – a classic bullish move where a short-term moving average crosses above a long-term moving average. This is basically Wall Street-speak for “something big is coming.”

ETH has also broken above the lower band of the Ichimoku Kinko Hyo, a level that often signals a trend reversal. A breakout above this range could put bulls in for a rally.

As shown below, the Tenkan-Sen (blue line) has crossed the Kijun-Sen (red line) – which is seen as a bullish trend reversal signal (golden cross).

Currently trading at $1,776, the pair may not have reached its yearly highs yet, but there are signs that it will make a comeback.

More users, more developers, bullish charts, is Ethereum entering its next breakout phase?

All arrows point to “yes”.