Historically, Ethereum has often benefited after Bitcoin rises, but currently its on-chain activity shows potential resistance levels that are evenly distributed. Nevertheless, these resistance levels may have limited impact in the current market. The number of new Ethereum addresses remains below previous bull market levels, possibly affected by the popularity of Layer 2 solutions like Base.

Nonetheless, Base relies on Ethereum as the settlement layer. Daily transaction volume has slightly increased to 1.22 million, compared to 1.1 million three months ago. Transaction volume is on the rise, and large holders continue to accumulate, demonstrating long-term confidence in Ethereum. If Bitcoin consolidates at its current high levels, Ethereum may experience an increase.