Ethereum Rebounds Above $2.4K as Network Activity Hits Record Levels

• Ethereum price recovers mid-range structure after sharp liquidity flush.
• Foundation transfers raise questions amid a high network activity spike.

Ethereum has rebounded after a sharp liquidity sweep below its key support zone. According to a 4-hour Binance chart shared by Daan Crypto Trades, Ethereum dipped below the $2,379 level, triggering stop-losses and heightened volatility. The dip marked a sweep of the “Range Low,” but ETH quickly rebounded into its previous consolidation zone. 

At the time of writing, Ethereum trades around $2,418. Due to the high trading volume at that price, analysts are eyeing the $2,500 mark as a pivotal level.

This $2,500 area aligns with the mid-point of the current range and serves as a key battleground for bulls and bears. A breakout above this threshold could open the path to the $2,700–$2,800 resistance zone, labeled as the “Range High.”

Ethereum Network Sees Transaction Surge Amid Price Consolidation

Ethereum’s on-chain activity has surged even as its market price remains relatively flat. CryptoQuant’s recent data shows that the network recorded 1.75 million daily transactions, marking the third-highest count in history. Activity has increased across DeFi platforms, arbitrage trading, and smart contract execution.

Analysts note a growing divergence between price and utility. While ETH trades near $2,400, strong network usage may be a signal of underlying strength. Historically, high transaction volume has preceded price rallies. This disconnect is being monitored as a possible sign of bullish formation.

Ethereum Foundation Moves 9,000 ETH to Gnosis Safe Wallet

The Ethereum Foundation has transferred 9,000 ETH, worth about $22.67 million, over the past month to a Gnosis Safe wallet. According to on-chain analytics platform Arkham and data from The Data Nerd, these transfers began two weeks ago and occurred in batches of 1,000 ETH each. The latest transfer was made four hours ago, moving $2.45 million worth of ETH.

The wallet address (0xc06) also interacted with Ethereum co-founder Vitalik Buterin’s primary address on May 13. While no ETH from the transfers has been sold, the purpose remains undisclosed. Some analysts suggest the movement could be related to internal project funding or ecosystem support.

Reports also confirm that the Foundation and Buterin are backing Tornado Cash co-founder Roman Storm’s legal defense ahead of his trial in July.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.