Can Ethereum Price Repeat Its 2025 Rally as Active Addresses, Holders Reach Record Highs?

Ethereum (ETH) is down today, April 28, and stood at $2,282 at press time with a 1.42% drop. But this fall does not mean the gains that have happened for the last three weeks are over. Even when the price is falling, on-chain data is showing bulls still have a good grip. Active addresses are up, and so are the number of holders. And with these signs, can Ethereum price repeat its 2025 rally like the SMA suggests it might do?

Ethereum On-Chain Data Flips Bullish

When one looks at what is happening with Ethereum on-chain, it is clear that bulls are not becoming weak. CryptoonChain makes this clear after he noted that the 100-day SMA for Ethereum’s active addresses is at the highest point ever. It is at 587,000 even when ETH price today is stalling.

The analyst says there seems to be something different this time because active addresses and price move in the same direction. He terms what is happening as “rare,” meaning that there is a chance things might change.

This analyst explains what is happening as people using the Ethereum blockchain without concerning themselves with what is going on with the price.

This is not the only data that is sparking interest around Ethereum. Santiment notes that holders are increasing. They have reached 190 million now, and the interesting fact is that this is more than three times what Bitcoin has in terms of holders. This is happening when Tom Lee’s Bitmine is buying more Ethereum.

When one looks at this data alone while ignoring the price, one thing is clear: Ethereum price might just surprise traders. There is not a lot going on that bears can hang on to, even with the Ethereum Foundation selling ETH.

Ethereum Price Nears 2025 Crossover That Sparked 95% Rally

What is happening with Ethereum might be the calm that precedes a storm. The one day shows this because the SMAs seem to be crossing over to the bulls’ side. That can be seen with the 50-day SMA that is rising, and it is almost touching the 100-day SMA.

This movement is worth watching because the last time it happened, something big happened with ETH price. This was in May last year, and it ended up causing a 95% gain from $2,500 to above $4,900.

But one crossover is not enough to confirm that this will happen again. That’s why we go back to November 2024. The 50-day SMA went above the 100-day, and Ethereum climbed from $2,300 to $4,100.

This might also be what buyers have been waiting for. If many eyes are watching this trend, they might all enter the market at the same time. This means that Ethereum price will go higher if it happens.

The main point of weakness in this bullish long-term Ethereum price prediction is what is going on with the RSI. It is on a downward path, and it is dangling at 50. If it does not defend this position, it will drop, and show that momentum is bearish. This happening will not be good for ETH price.

However, with on-chain data being as strong as it is, bears do not have much of a fighting chance. Unless the entire market crashes again because of macro factors, ETH defending $2,000 and moving higher is likely.