Ethereum (ETH) is once again showing signs of life after a rocky few weeks, with several key indicators suggesting that a bull run may be just around the corner. From surging network activity to a wave of developer engagement and promising technical signals, Ethereum appears to be staging a solid comeback — and this time, it might have the momentum to carry it much higher.

Over the span of just 48 hours, Ethereum recorded a near 10% increase in active wallet addresses, rising from 306,211 to 336,366. This uptick in user engagement came even as ETH’s price briefly dipped to $1,585.70, raising interest among long-term investors and on-chain analysts. Such behavior, where activity grows while price weakens, often signals accumulation — a period when stronger hands quietly step in to buy the dip.

That early buying pressure seems to have paid off. ETH rebounded sharply to $1,756 by April 22, marking a notable 24% recovery from its recent low. The rally has been accompanied by steady trading volume and renewed bullish sentiment across the board.

But price action alone isn’t what has analysts talking. There are deeper signs pointing to Ethereum’s resilience — and its potential for further gains.

Developer activity keeps Ethereum on top

Ethereum continues to dominate the developer landscape, not just in name but in raw contribution. Recent data shows that Ethereum leads all major blockchains with close to 2,500 code commits. That’s significantly ahead of competitors like Solana, Near Protocol, Cosmos, and Sui, all of which recorded fewer than 1,500 commits in the same period.

This surge in developer activity isn’t just a vanity metric. Code commits reflect real progress — whether it’s upgrading smart contract capabilities, improving network security, or introducing new features for users and builders. Ethereum’s consistent leadership here underlines its role as the foundational layer for much of the decentralized finance (DeFi) and NFT space.

As Layer 2 rollups and scaling solutions continue to emerge on Ethereum, this kind of backend innovation matters. It ensures the ecosystem remains not only secure and scalable but also adaptable to changing market needs.

Technical charts flash bullish signals

The fundamentals are aligning with some eye-catching chart patterns too. Most notably, Ethereum just confirmed a Golden Cross — a classic bullish signal where the 50-day moving average crosses above the 200-day average. Historically, this pattern has preceded strong uptrends in traditional and crypto markets alike.

Adding fuel to the fire, Ethereum’s price has entered the lower band of the Ichimoku Cloud — a region known for suggesting potential trend reversals. If ETH manages to break through the upper cloud levels, analysts believe it could open the door for a sustained move higher.

Another key development is the crossover of the Tenkan-Sen (conversion line) above the Kijun-Sen (baseline) — another bullish signal in Ichimoku analysis. Together, these indicators paint a picture of renewed strength, hinting that Ethereum could be gearing up for its next breakout phase.

Momentum builds ahead of market catalysts

With ETH currently trading around $1,776, it hasn’t yet returned to its yearly high — but momentum is clearly building. Growing developer commitment, increasing user participation, and strong technical setups all point toward the possibility of a broader uptrend.

Moreover, Ethereum is likely to be a central player in the next wave of crypto innovation, whether it’s in the realm of AI-integrated finance, gaming, or tokenized real-world assets. As mainstream interest continues to grow, Ethereum’s infrastructure and community could make it one of the biggest beneficiaries.

For now, all signs suggest that Ethereum isn’t just bouncing back — it may be preparing for a major move that long-term investors have been anticipating for months. If current trends hold, ETH’s next leg up could be more than just a short-term rally — it might be the beginning of a much larger bull run.