Data from Artemis shows that the amount of stablecoins held in the Ethereum network increased by 61.5% in the past 12 months and currently stands at $129.4 billion. Meanwhile, in the past 90 days – which have been bearish for the crypto market as a whole – stablecoin balances grew by 14.9% despite the downturn.

The number of daily active addresses on Ethereum has also been increasing in the past few days as traders have been drawn by the rally. Since the FOMC meeting, the 7-day moving average for addresses making transactions on the Ethereum blockchain jumped from 346,000 to 361,000.

Although this is a mild improvement, it is the strongest bounce that this metric has experienced in a month and a half.

Ethereum’s daily chart shows that a bullish breakout of a long-dated descending price channel took place on March 19. This first technical event could be marking the beginning of a trend reversal for the token, although it is still too early to call it that.