Network activity rises 38% as dApp volumes break records.

TLDR

Ethereum dApp volume increased 38% in the last 30 days to $3.54 billion Daily unique active wallets increased to 78.53k Gas usage in DeFi, NFTs, and stablecoin transfers ETH currently at $3,114 with key resistance at $3,200 Technical indicators show neutral conditions . with RSI at 59.35

Ethereum's Decentralized Application (dApp) Ecosystem It showed impressive growth in November 2024, with transaction volumes reaching $3.54 billion and an increase of 38% over the previous month. This surge in activity comes as the network's native token, ETH, trades around $3,114.

The number of daily unique active wallets (UAW) has risen to 78,530, indicating growing participation in the network's various applications. This measure is a key indicator of ecosystem health and user engagement.

As users become more actively involved in lending and trading platforms, DeFi protocols have emerged as the main drivers of this growth. The sector's dominance in gas usage highlights its central role in the expansion of the Ethereum ecosystem.

NFT marketplaces and blockchain gaming platforms have contributed to the increase in transaction volume. Despite the performance of the broader market mix, these sectors continue to attract new users and generate consistent activity.

Gas consumption patterns reflect the increasing demand across several types of transactions. Recent data shows average gas charges hovering around 50 Gwei, reflecting the network's growing capacity. Historically, such increases in gas fees have often preceded notable price movements for ETH.

Ethereum's technical landscape presents a mixed picture. The 50-day moving average stands at $2,687, positioning itself above the 200-day moving average of $2,957. This configuration typically indicates a general bullish trend in traditional technical analysis.

Price action shows ETH near $3,114, strengthening the critical resistance level at $3,200. A break above this ceiling could pave the way for a further upside move. Meanwhile, the $3,000 level serves as an important support zone.

The relative strength index (RSI) reading of 59.35 indicates neutral market conditions, which can move in either direction. This technical indicator helps traders gauge whether an asset is overbought or oversold.

Looking at broader network metrics, dApp volume increased to nearly $150 billion over the past 30 days, marking a record high. This success shows growing confidence in Ethereum-based applications.

Network upgrades continue to play a critical role in Ethereum's growth. The upcoming implementation of EIP-4844 (proto-danksharding) aims to increase scalability and network efficiency, which can attract more users to the ecosystem.

Carl Runefelt, a well-known crypto analyst, recently identified a bullish flag pattern in Ethereum's price action. According to the technical analysis, ETH can reach $4,150 when it breaks the current resistance levels.

#Ethereum has struggled to break out of this bullish flag for 2 weeks! Once it works, it could cost up to $4,150🎯 pic.twitter.com/NvUmVaVBm5

— The Moon (@TheMoonCarl) November 20, 2024

The net has maintained its position above its crucial 200-day moving average, currently at $2,957. This technical indicator is often used as a dividing line between bullish and bearish market conditions.

Despite these positive developments, challenges remain. High gas charges continue to act as a barrier to entry for new users, especially during periods of high network activity.

The dominance of DeFi protocols in gas usage reflects both the strength of the sector and the network's reliance on financial applications. This focus may influence future network development and scaling decisions.

Recent data from Dapradar confirms the steady increase in Ethereum dApp usage, with transaction volumes and user engagement showing steady growth across various app categories.

Trading activity remains active above the 200-day moving average, suggesting sustained buyer interest despite recent price consolidation. The MACD indicator shows a slight bearish divergence, indicating short-term momentum shifts.