Ethereum Nearing a Major Breakout as On-Chain Metrics Hit Record Highs

Key Points

1. Ethereum's price increased by over 60% from a low of $2,115 on July 22nd to $3,400, fueled by investor optimism around U.S. crypto regulatory developments.

2. On-chain data shows Ethereum now has over 152.03 million non-empty wallets, the highest number of holders for any cryptocurrency.

3. Ethereum is the most discussed crypto asset, accounting for 13.4% of social media mentions during its price rebound in May 2024.

4. A technical analysis indicates a potential breakout, with an inverted head and shoulder pattern spotted around $2,870, suggesting possible targets of $3,744 and $4,108.

5. The RSI indicator at 82% signals the current recovery may be overheated, indicating potential for a pullback if selling pressure emerges.