Ethereum News: Ethereum (ETH)bPrice Targets $3.7K Amid Growing Smart Money Confidence and On-chain Strength

Ether (ETH) is eyeing a potential rally to $3,735 as it continues to show strength following a 30% surge over the last two weeks. The bullish sentiment around the largest altcoin by market capitalization is bolstered by increased on-chain activity and rising confidence among institutional and experienced investors.Ethereum Sees Robust Onchain GrowthEthereum’s network activity has surged, with the number of daily active addresses (DAAs) climbing from 377,065 on Oct. 27 to 487,941 on Nov. 19, per Glassnode data. Transaction counts also rose significantly, reaching 1.29 million daily transactions on Nov. 15, up from 962,160 in late October.The rising transaction volume reflects increased adoption of Ethereum-based decentralized applications (DApps), spanning DeFi, gaming, and more. As a result, Ethereum’s total value locked (TVL) has grown by 25% since Nov. 5, reinforcing its bullish fundamentals.Smart Money Signals Bullish ConfidenceMarket sentiment among "smart money" investors — experienced traders and high-net-worth entities — has been exceptionally positive. Data from Market Prophit shows smart money sentiment at 2.28 (on a scale to 5), indicating a high level of confidence in Ethereum’s near-term upside. In contrast, general retail sentiment remains neutral at 0.06, suggesting that the broader market is yet to fully capitalize on Ethereum’s recent rally.Technical Indicators Point to $3,735 TargetEther’s (ETH) price action has formed a U-shaped recovery pattern on the four-hour chart, setting the stage for a potential breakout. A decisive close above the neckline at $3,376 could push ETH to the pattern’s bullish target of $3,735, marking a 20% gain from current levels.Conversely, key support lies around $3,000, where approximately 3.1 million ((ETH)) were previously acquired by 3 million addresses, according to IntoTheBlock data. On the upside, Ether faces resistance at $3,200, a zone where 6.1 million ETH were purchased by 4.25 million addresses.Ethereum’s positive on-chain metrics and strong smart money sentiment suggest that the altcoin could be gearing up for another leg higher. While resistance at $3,200 poses a challenge, a break above this level could pave the way for a rally toward $3,735, further reinforcing Ethereum’s bullish momentum in the weeks ahead, according to a Cointelegraph report.