Ethereum Reaches 100 Million Non-Zero Balance Addresses
Ethereum has recently reached a significant milestone with 100 million non-zero balance addresses. This indicates a growing adoption and global interest in Ethereum, which could potentially drive up the price. The increase in non-zero balance addresses has coincided with the Ethereum Merge, suggesting that reduced transaction fees and energy consumption have attracted new active investors.
Ethereum is Attracting Unusually High Transactions From New Users
The Ethereum network has seen an unusually high number of transactions from new users. The “New Adopters’ Participation Rate” shows that new ETH investors are playing a big part in daily economic activity. This influx of new users has been driving up the demand for Ethereum.
Ethereum Price Prediction: The $1,600 Territory is Within Reach
From an on-chain perspective, the spike in new investors and their transactional activity puts Ethereum in a prime position to break into a new all-time high, targeting $5,000 during the next bull rally. However, there is a sell-wall at $1,900 that could pose an obstacle. If the New Adopter’s participation rate consistently surpasses 35%, it could propel the price above the $1,900 resistance in the mid-to-long term.
Hot Take: Can Ethereum’s Milestone Propel its Price to New Highs?
Ethereum’s achievement of reaching 100 million non-zero balance addresses is a positive sign for its future. The growing adoption and influx of new users indicate a strong demand for Ethereum. With reduced transaction fees and energy consumption, more investors are entering the market. While there may be some obstacles ahead, such as the sell-wall at $1,900, there is potential for Ethereum to reach new all-time highs in the coming months. Keep an eye on the New Adopter’s participation rate as it could be a key indicator of future price movements.
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