New Addresses Created On Ethereum Reach 8-Month High At 130,000, Can Bullishness Push Price To $5,000?

Ethereum network recently There has been a revival in activitywith new wallet addresses reaching an eight-month high. On-chain data shows that an average of 130,200 new Ethereum addresses were created daily in December, a level of network activity not seen since April.

This rebound in activity comes as Ethereum price targets a breakout of the $4,000 price level, with the $5,000 price level increasingly visible.

Ethereum network activity reaches new heights

Ethereum Increase in new wallet addresses It indicates a growing level of interest among users and investors. This interesting feeling is revealed by the growth of the network Metric of santimenta leading on-chain analytics platform.

According to the network growth metric, the number of new Ethereum addresses created has been on the rise since the beginning of November. This steady growth has led to a doubling of daily new titles since then. Currently, the Ethereum network is now seeing an average of 130,200 new addresses created every day. Interestingly, the surge in Ethereum network growth has now reached an eight-month high, rivaling the activity seen in March and April.

The increase in Ethereum activity is also supported by data from IntoTheBlock, another on-chain analytics company. According to IntoTheBlock, transaction activity on the Ethereum blockchain now rivals March 2024 levels, when the price of Ethereum topped above $4,000 again.

especially, Data inside TheBlock It shows that large transactions of $100,000 or more have currently reached $68.23 billion in the past seven days, one of the highest weekly transaction volumes this year.

Can rolling interest push Ethereum price towards $5,000?

Renewed interest in Ethereum raises the possibility of the asset testing new highs very soon. Ethereum’s price has hovered between $4,000 and $2,220 for most of the year, and has yet to reach new all-time highs like Bitcoin and Solana, the top of its cryptocurrency counterparts.

Notably, you can argue that Ethereum’s price performance has been poor compared to other heavyweights like Solana and XRP, even though it has the largest share in the altcoin market.

However, renewed participation on the network could provide a much-needed boost to a strong move to the upside. At the time of writing, Ethereum price was looking to break the $4,000 resistance, having retested it over the past 24 hours. This comes after A A series of inflows into US-based Spot Ethereum ETF, which saw $854.85 million last week Highest weekly flow since launch

The first step would be a Continuous break above $4000. If the Ethereum price can achieve this, it will open the door to reaching $5,000 before the end of 2024 or early 2025.

Featured image from CNBC, chart from TradingView