Ethereum activity returns: Active addresses spike 89K as ETH tests $2,330 support

Ethereum's [ETH] network activity seems to be returning, with active addresses spiking sharply over the last 24 hours. At the same time, the percentage of the total supply in profit rose to 63%, affirming the network's current bullish sentiment, as most holders are choosing to hold rather than to short. What is more intriguing is that both developments come at a key confluencing zone between an ascending trendline and 200-EMA support at $2.33K. The network's price action is already positively reacting to the demand zone, as the token is now trading at $2,429. Could the positive sentiment initiate an ETH recovery and push it above the current consolidation range?

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