Key Insights
- Ethereum hits 15M+ weekly active addresses, up 11.16% from the previous week.
- BlackRock explores staking-enabled Ethereum ETF in talks with the SEC.
- ETH price eyes $3,500 as it holds above $2,700 with strong technical momentum.
Ethereum price target has turned bullish as the network sees a surge in usage and institutional interest. ETH held above $2,700 after breaking out of a falling wedge pattern. With over 15 million weekly active addresses and ETF inflows led by BlackRock, ETH now eyes a price target between $3,500 and $3,600.
The rise in unique address activity and capital inflows from large entities reflects growing confidence in the Ethereum ecosystem. At the same time, whale accumulation and ETF-related staking developments point to more locked supply, which could fuel further price appreciation.
User Metrics Climb as Ethereum Price Target Builds Support
Over the past week, Ethereum saw 15,065,257 active addresses using the network. The number increased by 11.16% from the previous week.
In addition, 563,977 addresses engaged with more than one blockchain, but this figure fell by 17.31%. At the same time, the number of Layer-2 solutions is increasing, and their dominance has risen to 6.02x, which is a 3.89% increase.
They are a result of more people using the token, thanks to the cheaper and faster transactions made possible on Layer-2 networks.
Ethereum’s recent move to Layer-2, using Optimism rollups, has helped support this activity. As a result, traffic on the network is reduced, fees are lowered, and the mainnet provides security.
As momentum picks up, developers, users, and investors are becoming more interested. The more ETH is used, the greater the demand for it becomes for paying gas fees and joining decentralized apps.
Institutional Demand Builds With ETF Inflows and Staking Plans
More institutions are now getting involved with Ethereum. The iShares Ethereum ETF from BlackRock received 9,989 ETH, worth $26.63 million.
In total, the net flow across nine Ethereum ETFs was 222 ETH, which is worth approximately $592,000.
Meanwhile, 10 Bitcoin ETFs saw a net inflow of 5,404 BTC, worth $600.11 million. BlackRock bought an additional 4,931 BTC for its Bitcoin ETF, valued at more than $547 million.
In another development, BlackRock recently asked the SEC for a meeting to discuss adding staking support to Ethereum ETFs.
The company plans to increase its crypto services and explore tokenization and ETF approval standards under SEC rules. As ETH is used to stake in an ETF, it’s locked up and removed from circulation, which could increase the demand for ETH.
Whale Activity and Technicals Support Bullish Ethereum Price Target
Large investors are feeling confident and taking action. An OTC deal on April 27 saw a whale purchase 30,000 ETH for $54.9 million at a price of $1,830 per coin.
Just a short time ago, the same whale sold 30,000 ETH at $2,621 and made a profit of $23.73 million. The whale also bought 600 BTC, and it has not sold any of it yet. Today, it is worth $66.5 million, up $9.6 million from the original purchase price.
On the technical side, Ethereum indicates a bullish trend. After breaking out of a falling wedge, price action is now above its 200-day simple moving average, which is around $2,700.
If ETH remains above the important level, chart analysis by CryptoCove suggests it may rally to $3,500–$3,600.
Ethereum’s price target remains supported by increasing network demand, ETF-related developments, and technical resilience above long-term moving averages. Momentum appears firmly with the bulls.
