These are the factors that could drive a new breakthrough for the price of ETH.

Ethereum has recorded a steady rise in the number of new wallet addresses in recent weeks, ranging from 800,000 to 1 million wallets per week since mid-May, rising to the sky compared to the 560,000–670,000 wallets during the same period last year.

Although ETH is trading in a narrow range around $2,500, the continuous increase in the number of new wallets may indicate a strong signal that the infrastructure of the Ethereum network is being rapidly strengthened. As user activity increases, this often signals a deeper adoption, especially as the number of wallets rises in the context of stable prices.

Therefore, the expansion of the user network may be laying a solid foundation for the increasingly strong demand, while supporting the long-term valuation of ETH.

Source: Santiment## Are whales quietly accumulating Ether?

The net flow from large wallets has reversed sharply over the past week, rising to the sky by more than 7,400% after a long period of sluggish activity. This sudden surge comes after a long cycle of negative cash flow, which could be a sign of a distribution process or a repositioning of assets.

The new influx of capital may reflect increasing confidence among speculators. This trend coincides with stable price levels, which could indicate an ongoing accumulation strategy. The actions of these whales may signal a future supply shortage if the accumulation trend continues. Therefore, this move by large investors could herald the beginning of the next bull cycle.

Source: IntoTheBlock## Can Ethereum break through the resistance level of 2,800 dollars?

Ethereum is currently restricted within the price range of $2,396 to $2,833, following an ascending channel structure. Despite numerous efforts from the buying side, it has yet to break through the resistance level of $2,833, while the selling side has also failed to push the price below the support level of $2,396. The current price compression reflects market hesitation, but it is also a common signal preceding a strong breakout.

At the time of writing, the Stochastic RSI indicator is at a low level, indicating a potential reversal if buying pressure increases. Before a clear breakthrough occurs, the price of ETH may continue to fluctuate within this range. However, developing fundamental factors may soon shift the balance and impact the direction of the price.

Source: TradingViewThe decline in short-term ETH holding activity, measured by the Realized Cap HODL Waves index (0-1 day), after a period of strong growth, indicates that investors may recently be exiting or taking profits, leading to reduced short-term volatility and selling pressure.

At the same time, the Stock-to-Flow ratio of ETH has risen to the sky to 43.2, the highest level in many months, indicating that scarcity is gradually increasing as new issuance activity of ETH slows down.

The combination of the diminishing speculative behavior and the rise in long-term value indicators may be a factor driving a more sustainable price increase in the future. If this trend continues, ETH may soon surpass the current price ceiling and move into a long-term accumulation zone.

Source: SantimentEthereum's on-chain signals are becoming increasingly clear. The increase in new wallet creation, whales returning with accumulation strategies, and scarcity indicators like Stock-to-Flow are all showing that fundamental factors are driving a potential price rise.

Although the price of ETH is currently still within a defined range, the increase in network activity and the decrease in short-term selling pressure could be a precursor to a strong breakout. If the upward pressure is maintained, ETH could quickly surpass the $2,800 mark and open up a new growth phase.

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