The Ethereum Fear & Greed Index returned to a neutral position at 10:30 AM UTC on April 20, 2025, signaling a potential shift in market sentiment. This easing from a long-standing bearish outlook has reignited the interest of many traders, pushing Ethereum’s price upward as eyes refocus on its long-term value. Now, as the market sentiment shifts, multiple indicators are pointing to a possible bullish reversal for the cryptocurrency.

Crypto Rover reported the shift to a neutral sentiment on X (formerly Twitter) at 10:30 AM UTC on April 20, 2025. This shift in sentiment has come alongside a visible jump in on-chain activity. Glassnode recorded an explosive 10% growth in active Ethereum addresses, totaling 500,000 within a single day. This boom is evidence of increasing network activity and investor interest.

The volume on the ETH/USD trading pair, as reported by Binance, stood at 15 billion USD at 11:30 AM UTC on April 20, 2025. This is a jump of over 3X from one day prior’s volume of 10 billion USD.

In fact, trading activity on DEXs has increased more than 1,900 percent. Dune Analytics reported that the trading volume for Ethereum on DEXs rose by 30% to 1.5 million ETH in the last 24 hours. This rapid increase in DEX volume is a clear sign of the increasing demand for decentralized finance as well as greater participation within the Ethereum ecosystem.

Ethereum's price experienced a notable surge, reaching $3,500 at 11:00 AM UTC on April 20, 2025. That’s a 2.5% jump already just since this morning! Most importantly, it cements the bullish market reaction to this change in sentiment and increase in network activity.