Ethereum (ETH) is once again back in focus as it hovers near the critical $1,800 level, driven by fresh on-chain data showing record user engagement and rapid Layer 2 adoption. While the broader crypto market remains mixed, Ethereum’s fundamentals are flashing bullish — and many traders are eyeing a breakout above $2,000.
Let’s examine the latest numbers behind Ethereum’s quiet comeback and what could come next.
Ethereum Active Addresses Hit All-Time High
According to on-chain analyst Ted (@TedPillows), the Ethereum ecosystem just recorded a major milestone: 15.4 million active addresses, a new all-time high.
The data, sourced from GrowThePie, also reveals that Ethereum Layer 2 dominance reached a record 6.65x, meaning activity on L2 networks is now over six times higher than on Ethereum mainnet. These figures underscore Ethereum’s growing scalability and real-world usage despite price volatility.
Price Analysis: ETH Tests $1,800 – Is $2,000 Next?
As of April 29, ETH is trading around $1,809, having held above the $1,750 support level for most of the past week. The daily chart shows ETH steadily climbing within a mild ascending channel. Momentum indicators such as RSI sit around 54 — a neutral reading, but with a slight upward bias.
Volume has picked up marginally compared to early April, suggesting some early positioning by traders.
Source: Tradingview
Key levels to watch:
- $1,840 – Immediate resistance zone
- $2,000 – Psychological level and former support
- $2,200–$2,400 – If bulls regain full control
Failure to hold above $1,750 could lead to a quick dip toward the $1,680–$1,700 area, though support remains firm for now.
L2 Growth and DeFi Usage Bolster Ethereum’s Case
Ethereum’s Layer 2 networks — including Arbitrum, Base, and Optimism — continue to expand. With reduced gas fees and improved UX, they’ve become the go-to option for DeFi, NFT marketplaces, and GameFi developers.
This growth is also reflected in active wallet counts, TVL rebounds, and increased usage of decentralized apps like Friend.Tech and Uniswap v4 beta environments.
Ethereum remains the dominant platform for smart contracts, and its modular future — possibly transitioning toward a RISC-V execution model as proposed by Vitalik Buterin — adds further long-term credibility.
Final Thoughts: ETH Builds Quiet Strength
Despite relatively stagnant price action in recent months, Ethereum is quietly building a strong foundation for the next rally. With whale accumulation signs stabilizing, record active address metrics, and explosive Layer 2 engagement, ETH could be primed for a technical breakout if macro sentiment improves.
If ETH clears $2,000 with volume, it may reignite bullish momentum heading into the summer. In the meantime, the fundamentals are clear: Ethereum isn’t fading — it’s evolving.
