Ethereum Addresses Surge, Bringing ETH Back To $3,000 – What’s Next?

  • Ethereum saw about 350 new addresses in the last three days.
  • ETH volume has increased by over $13 billion.

Ethereum [ETH] It recently experienced positive price movements, pushing its price back above the $3,000 mark. At the same time, the number of addresses increased to levels not seen since 2022.

Did this increase in new addresses lead to more activity on the network?

New Ethereum addresses test record number again

According to data from https://twitter.com/santimentfeed/status/1787523700818157754?s=46Ethereum saw its highest daily new address creation between May 4 and 5, marking the first time in nearly two years.

The chart showed the daily new address count surpassed 196,700, a milestone not seen since October 8, 2022.

Further analysis of the network growth graph revealed a gradual slowdown of this increase.

At the close of trading on May 6, the daily new address count had dropped to around 115,000, and declined further to around 33,000 at the time of writing.

This influx is not unexpected, given Ethereum’s previous flirtation with the $4,000 range this year.

The influx of these new addresses may anticipate Ethereum’s potential to retest and surpass that price threshold. The last time there was an influx in October 2022, the price of ETH rose months later.

New Ethereum addresses have not yet been activated

Overall, the number of Ethereum daily active addresses has increased since March. According to AMBCrypto’s analysis of the chart below, it has remained consistently above 500,000, falling below this threshold only occasionally.

Specifically, on May 4 and 5, the count was around 560,000 and 556,000, respectively, with no discernible trends observed. At the close of business on May 6, the count was 536,000.

Furthermore, at the time of writing this article, the count was around 160,000.

While this suggests a healthy level of activity on the network, the recent influx of new addresses has not yet had a significant impact. These new directions can be content to watch from the sidelines for the moment.

Ethereum volume exceeds $10 billion

AMBCrypto’s look at Ethereum volume revealed that the influx of new addresses did not cause any significant change in trading activity.


Realistic or not, here is ETH Market Cap in terms of BTC


The chart showed a recent decrease in volume, and even on the day of the increase in new addresses, the volume remained below $10 billion.

It was not until May 6 that the volume surpassed this threshold, surpassing $12 billion. According to the latest data, the volume was around $13 billion.

Next: Why Bitcoin miners aren’t selling right now, explained

This is an automatic translation of our English version.

 
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