The Ethereum network has recently witnessed a resurgence of activitynew wallet addresses hit an eight-month high. According to on-chain data, an average of 130,200 new Ethereum addresses were created each day in December, a level not seen since April.
This resurgence in activity comes as Ethereum price aims to break through the $4,000 price level, with the $5,000 price level increasingly within sight.
Ethereum network activity reaches new heights
ethereum Increase in new wallet addresses This shows that interest from users and investors is increasing. This interesting sentiment manifests itself through the growth of the network. Indicators from Santimentothe leading on-chain analytics platform.
According to network growth metrics, the number of new Ethereum addresses created has been increasing since early November. Due to this steady growth, daily new addresses have doubled since then. Currently, an average of 130,200 new addresses are created on the Ethereum network every day. Interestingly, the surge in the Ethereum network is currently at its highest level in eight months, comparable to the activity seen in March and April.
Ethereum’s increased activity is also supported by data from IntoTheBlock, another on-chain analytics company. According to IntoTheBlock, trading activity on the Ethereum blockchain is now comparable to levels seen in March 2024, when Ethereum price once again exceeded $4,000.
especially, Into the block data According to , large trades of $100,000 or more over the past seven days now amount to $68.23 billion, one of the highest weekly trading volumes this year.
Could renewed interest bring Ethereum price closer to $5,000?
The renewed interest in Ethereum raises the possibility that the asset will test new highs soon. Ethereum's price has hovered between $4,000 and $2,220 for much of this year, falling short of the all-time highs of leading cryptocurrencies like Bitcoin and Solana.
In particular, one could argue that Ethereum's price has underperformed compared to other leading currencies such as Solana and XRP, despite having the largest share of the altcoin market.
But new additions to the network could serve as a much-needed boost to a strong rally. At the time of writing, Ethereum price has retested resistance in the past 24 hours and is on the verge of breaking above $4,000. this will come later Continued influx to The US-based Spot Ethereum ETF hit $854.85 million last week. Highest weekly inflow since launch.
The first step is Continuous break above $4,000. If Ethereum price can achieve this, it opens the possibility of reaching $5,000 by the end of 2024 or early 2025.
Featured image from CNBC, chart from TradingView
