Ether (ETH) has been on a roll, climbing 30% from November 4 to 19, breaking the $3,000 mark for the first time since August. Although the pace has slowed, on-chain data hints at more potential gains.

Ethereum's network activity is booming, with daily active addresses jumping from 377,065 on October 27 to 487,941 by November 19. Transactions have also surged, reaching 1.29 million on November 15. This upswing reflects increased use of decentralized applications, boosting Ethereum's total value locked by 25% since November 5.

Smart money sentiment is bullish, with experienced investors showing strong confidence. A U-shaped recovery pattern suggests ETH could rise to $3,735 if it breaks above $3,376. However, resistance at $3,200 remains a challenge.