Ethereum Reclaims $2,000 as Active Addresses Hit Record High

Ethereum pushed back above the $2,000 level after a sharp recovery across the crypto market, following Bitcoin’s surge toward the $70,000 area.

The rebound came after a volatile sell-off that briefly dragged Bitcoin down to around $60,000, triggering panic across derivatives markets and sending sentiment into extreme fear territory.

Volatility Spike Follows Heavy Market Liquidations

The move higher came after a significant liquidation event. Total crypto liquidations over the past 24 hours approached $2 billion, with long positions taking the brunt of the damage.

Ethereum alone accounted for more than $418 million in liquidations, including roughly $287 million from longs, suggesting that excessive leverage was flushed out during the downturn.

Ethereum Price Stabilizes After Steep Weekly Decline

Despite the bounce, Ethereum remains under pressure on a weekly basis. ETH is up about 1.8% on the day and nearly 2% over 24 hours, but still down roughly 26% over the past seven days.

Its market capitalization stands near $243 billion, while 24-hour trading volume has climbed above $72 billion, reflecting elevated trading activity as investors reposition.

From a technical perspective, momentum indicators are beginning to improve. Ethereum’s RSI has rebounded toward the high-50s, moving away from oversold conditions, while the MACD has turned upward on lower timeframes. Price action shows ETH reclaiming the $2,000 psychological level after finding demand near the $1,900 zone.

On-Chain Data Shows Record Network Activity

On-chain metrics add a constructive backdrop to the recovery. Ethereum recently recorded a new all-time high in active addresses, with the 30-day moving average rising to around 693,000. Historically, periods where network activity expands during price weakness have often aligned with stronger medium-term recoveries.

Ethereum’s ability to hold above $2,000 now depends heavily on Bitcoin maintaining strength near the $70,000 level. A sustained consolidation above former resistance could allow ETH to target higher levels, although volatility is likely to remain elevated as the market digests the recent liquidation-driven reset.

The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

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