Ethereum rebounds from key trendline as onchain activity surges

Ethereum traded around $3,210 after bouncing from a key ascending trendline despite broader market volatility.

Onchain data showed large holders accumulated roughly 190,000 ETH over the past week while smaller investors distributed more than 510,000 ETH.

Whale accumulation slowed after geopolitical tensions rose between the United States and several European countries.

Retail distribution continued across wallet cohorts holding between 100 and 10,000 ETH.

Ethereum network activity surged, with weekly active addresses reaching a record high of more than 706,000.

Daily transaction counts also climbed to a new all-time high, reflecting sustained onchain demand.

Transaction fees continued to decline despite higher usage, supported by recent network upgrades including Fusaka.

Ethereum fell about 3.5% over the past 24 hours, triggering approximately $120.6 million in long liquidations.

Price action showed ETH rebounding near the 20-day and 50-day exponential moving averages.

A break below the ascending trendline could see ETH test support near $3,050.

If the rebound holds, ETH may challenge the 200-day exponential moving average.

Momentum indicators including the RSI and Stochastic Oscillator hovered near neutral levels, signalling cautious sentiment.

At the time of reporting, Ethereum price was $3,193.01.