$4,000 Is Suddenly in Play for Ethereum Price as Key Network Metrics Accelerate

Core Insights - Ethereum price is currently testing the $3,450 resistance level after breaking above $3,300, which could determine the potential for a rally towards $4,000 [2][3] - Key metrics indicate a positive outlook for Ethereum, with significant on-chain activity and new wallet creation suggesting strong underlying demand [4][5] Price Action and Resistance Levels - Ethereum needs to reclaim the $3,450 level to facilitate a rapid rally towards $4,000, according to analyst Ted Pillows [2] - A rejection from the $3,450 resistance could invalidate the potential rally [3] On-Chain Activity and User Growth - Ethereum recorded 393,600 new wallets in a single day, marking an all-time high, with an average of 327,000 new wallets created daily over the past week [4][5] - The increase in wallet creation is attributed to lower fees, record stablecoin settlement activity, and real users engaging with applications, payments, and DeFi [5] Network Activity and User Engagement - Weekly transacting users on Ethereum have reached a new record of 889,300, indicating a surge in network activity [6] - The growth in user engagement is linked to Ethereum's dominance in stablecoins, DeFi, and trading platforms like Uniswap [6][7] - Analysts note a divergence between price movements and fundamental growth, suggesting that the underlying metrics are strengthening despite price fluctuations [7]