The Ethereum network just happened saw a revival of activitywith new wallet addresses up to eight months. On-chain data shows that an average of 130,200 new Ethereum addresses were created every day in December, a level of network activity not seen since April.
This renewal of activity comes as the price of Ethereum is aiming for a break above the $4,000 price level, with the $5,000 price level again in sight.
Ethereum’s Network Activity Reaches New Heights
Ethereum’s company enter new wallet addresses indicates a growing level of interest among users and investors. This interesting feeling is expressed through Network Growth metric from Sentimentthe leading platform for on-chain analytics.
According to the Network Growth metric, the number of new Ethereum addresses created has been increasing since the beginning of November. This continued growth has resulted in new addresses every day doubling since then. As it stands, the Ethereum network now sees an average of 130,200 new addresses being created each day. Interestingly, Ethereum network growth is now at its highest level in eight months, contradicting the activity witnessed in March and April.
Ethereum’s increased activity is also supported by data from IntoTheBlock, another on-chain analytics company. According to IntoTheBlock, transaction activity on the Ethereum blockchain is now against the levels of March 2024, when the price of Ethereum breaks above $4,000 again.
In particular, Data for IntoTheBlock shows that large transactions valued at $100,000 or more totaled $68.23 billion over the past seven days, one of its highest weekly averages this year.
Could Renewed Interest Push Ethereum Price Toward $5,000?
Renewed interest in Ethereum suggests that the asset may be testing new highs in the near future. Ethereum’s price has hovered between $4,000 and $2,220 for most of the year and hasn’t hit new highs like Bitcoin and Solana, its top crypto counterparts.
Notably, you could argue that Ethereum’s price is underperforming compared to other heavy metals like Solana and XRP, even though it has the largest share of the altcoin market.
However, renewed participation in the network may serve as a much-needed stimulus for firm upward mobility. At the time of writing, the price of Ethereum is looking to break above the resistance at $ 4,000, again updating in the last 24 hours. This comes after a chain of entry US-based Spot Ethereum ETFs, which saw $854.85 million last week. highest weekly entry since launch.
The first step would be a continuous break over $4,000. If the price of Ethereum can achieve this, it will open the door to reach $5,000 before the end of 2024 or the beginning of 2025.
Featured image from CNBC, chart from TradingView
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