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Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="null" target="null" text="null" title="null">ETH</a>) has demonstrated strength over the last two weeks, rising 30% between Nov. 4 and 19. 
This rally saw the largest altcoin by market capitalization break above $3,000 for the first time since Aug. 2.
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 <img alt="Ethereum price targets $3.7K on soaring ‘smart money’ interest" src="https://s3.cointelegraph.com/uploads/2024-11/0193451c-ae74-7df7-8d09-0b44afa5789f" title="">
 <figcaption style="text-align: center;">
 ETH/USD daily chart. Source: <a data-ct-non-breakable="null" href="https://www.tradingview.com/x/T9OomEWz/" rel="null" target="null" text="null" title="https://www.tradingview.com/x/T9OomEWz/">TradingView</a>
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Although its bullish momentum has slowed over the past few days, onchain data and its technical setup suggest that there is still more upside for ETH.&nbsp;
<h2 id="strong-growing-network-activity-supports-ether-price-strong">Growing network activity supports Ether price</h2>
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/why-is-ethereum-eth-price-up-today#:~:text=Ethereum%20open%20interest%20reaches%20new%20all%2Dtime%20high&amp;text=The%20recent%20price%20action%20may,dictating%20Ether's%20immediate%20market%20highs." rel="null" target="null" text="null" title="null">Ether’s bullishness</a> over the last two weeks has been accompanied by a robust increase in both daily active users and transaction counts.&nbsp;
The number of daily active addresses (DAAs) on Ethereum has been increasing over the last month, rising from 377,065 on Oct. 27 to 487,941 on Nov. 19, according to Glassnode data.
This suggests a clear trend of rising engagement across multiple chains within the ecosystem, including the <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/what-is-ethereum-a-beginners-guide-to-eth-cryptocurrency" rel="null" target="null" text="null" title="null">Ethereum</a> mainnet, <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/polygon-blockchain-explained-a-beginners-guide-to-matic" rel="null" target="null" text="null" title="null">Polygon</a>, <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/arbitrum-the-next-generation-layer-2-for-ethereum" rel="null" target="null" text="null" title="null">Arbitrum</a>, <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-is-optimism-ethereums-layer-2-scaling-solution-explained" rel="null" target="null" text="null" title="null">Optimism</a>, <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/a-beginners-guide-to-the-zksync-ecosystem" rel="null" target="null" text="null" title="null">xSync</a>, and <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/what-is-base-coinbase-l2-network#:~:text=Developed%20by%20Coinbase%2C%20Base%20is,while%20still%20leveraging%20Ethereum's%20security." rel="null" target="null" text="null" title="null">Base</a>.
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 <img alt="Ethereum price targets $3.7K on soaring ‘smart money’ interest" src="https://s3.cointelegraph.com/uploads/2024-11/0193451d-55aa-7583-8381-3f6658316b9c" title="">
 <figcaption style="text-align: center;">
 Daily active addresses on Ethereum. Source: Glassnode
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Transaction counts also mirror this growth, with Ethereum daily transactions reaching 1.29 million on Nov. 15, up from 962,160 on Oct. 27.
This significant increase in transaction volume indicates not just active trading but also an increase in decentralized application usage, from <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/defi-a-comprehensive-guide-to-decentralized-finance" rel="" target="_self" text="null" title="https://cointelegraph.com/learn/articles/defi-a-comprehensive-guide-to-decentralized-finance">decentralized finance (DeFi)</a> to gaming and others. As such, the <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-is-total-value-locked-tvl-in-crypto-and-why-does-it-matter" rel="" target="_self" text="null" title="https://cointelegraph.com/explained/what-is-total-value-locked-tvl-in-crypto-and-why-does-it-matter">total value locked (TVL)</a> on Ethereum has increased by 25% since Nov. 5.
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 <img alt="Ethereum price targets $3.7K on soaring ‘smart money’ interest" src="https://s3.cointelegraph.com/uploads/2024-11/0193451d-d2fa-7ff5-b5fb-42b64c28185f" title="">
 <figcaption style="text-align: center;">
 TVL and daily transactions on Ethereum. Source: DefiLlama
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<h2 id="strong-eth-smart-money-sentiment-on-the-rise-strong">ETH smart money sentiment on the rise</h2>
Sentiment around ETH showed increased interest from smart money — capital managed by experienced individuals or high net worth entities, often referred to as “whales” in the world of cryptocurrencies.&nbsp;
Data shared by Market Prophit reveals that the general crowd held a slightly bullish stance on Ether with a score of just 0.06, indicating minimal enthusiasm among regular investors. 
On the other hand, smart money held a highly positive sentiment at a score of 2.28 on a scale that peaks at 5. This suggests significant confidence from experienced investors, which may signal upside price movements for ETH in the near term.
<figure>
 <img alt="Cryptocurrencies, Markets, Market Analysis, Altcoin Watch, Ether Price, Ethereum Price" src="https://s3.cointelegraph.com/uploads/2024-11/01934525-8feb-7e66-8eb8-841d18acba9c" title="">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/MarketProphit/status/1858242485706702902" rel="null" target="null" text="null" title="https://x.com/MarketProphit/status/1858242485706702902">Market Prophit</a>
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Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/new-ethereum-whales-arrive-but-will-their-accumulation-send-eth-above-3-5-k" rel="null" target="null" text="null" title="null">New Ethereum whales arrive, but will their accumulation send ETH above $3.5K?&nbsp;</a>
<h2 id="strong-ether-s-u-shaped-pattern-points-to-a-rise-to-3-700-strong">Ether’s U-shaped pattern points to a rise to $3,700</h2>
ETH price action has led to the formation of a U-shaped recovery chart pattern in the four-hour timeframe.&nbsp;
If the price stays within this formation, it could move toward the neckline of the U-shaped chart pattern at $3,376.
A decisive close above this level will likely push the ETH/USD pair toward the bullish target of the prevailing pattern at $3,735, representing more than 20% gains from the current price.&nbsp;
<figure>
 <img alt="Cryptocurrencies, Markets, Market Analysis, Altcoin Watch, Ether Price, Ethereum Price" src="https://s3.cointelegraph.com/uploads/2024-11/01934525-f8a2-762e-a839-127be5d4489f" title="">
 <figcaption style="text-align: center;">
 ETH/USD daily chart. Source: <a data-ct-non-breakable="null" href="https://www.tradingview.com/x/MdoThVLB/" rel="null" target="null" text="null" title="https://www.tradingview.com/x/MdoThVLB/">TradingView</a>
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Conversely, a retreat from $3,100 could see a retest of the U-shaped bottom at around $3,000.
This level acts as a robust immediate support for Ether on the downside, as it is where approximately 3.1 million ETH was previously bought by about 3 million addresses, as per data from IntoTheBlock.
<figure>
 <img alt="Cryptocurrencies, Markets, Market Analysis, Altcoin Watch, Ether Price, Ethereum Price" src="https://s3.cointelegraph.com/uploads/2024-11/01934526-976f-73ec-a3a4-3725d85a422f" title="">
 <figcaption style="text-align: center;">
 Ethereum IOMAP chart. Source: IntoTheBlock
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Meanwhile, Ether faces stiff resistance around the $3,200 level, where approximately 6.1 million ETH was previously acquired by 4.25 million addresses. 
Ether would be required to overcome this barrier in order to complete the U-shaped pattern.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ethereum price targets $3.7K on soaring ‘smart money’ interest

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