On-chain data shows metrics related to network activity have spiked for Ethereum recently, something that could pave way for a further rally.
The Transaction Volume and Whale Transaction Count have increased, indicating higher interest and involvement from both smaller investors and large entities.
Increasing network activity is considered a positive sign for sustainable rallies in cryptocurrency.
With Ethereum breaking beyond the $3,150 level and its healthy network activity, it could potentially reach its all-time high.