Ethereum Ecosystem Activity Hits Record High, Key Resistance at $2824 May Trigger New Rally

The Ethereum ecosystem has been significantly active since early June, with the number of weekly active addresses reaching 17.4 million, a record high. Layer 2 interactions have increased by 18.43%, indicating widespread adoption of scaling networks. Although cross-chain activity has slightly declined, the increase in core Ethereum usage reflects a renewed interest from retail and institutional investors. The total value locked (TVL) in DeFi has reached $86.63 billion, indicating a continuous capital inflow into Ethereum DeFi protocols, enhancing on-chain demand. The net outflow from Ethereum on major exchanges is 1.59%, showing a user preference for self-custody or staking, reducing selling pressure and potentially triggering a supply squeeze. Volatility has decreased from 80.25% to 47.3%, with Binance's long-short ratio at 1.84, and 64.82% of traders holding long positions, indicating a bullish market but with a risk of overcrowding. Technically, Ethereum has formed an inverse head and shoulders pattern, with a key resistance level at $2,824, and breaking this level could push the price towards $3,000. Overall, all indicators lean bullish, but whether the price can break through $2,824 is crucial for the next phase of the trend.