According to recent reports, Ethereum (ETH) is now growing 134,000 addresses every single day. The attention to this spike in adoption as well as ETH price’s 6% spike in a single day has both crypto enthusiasts and institutional investors paying attention.
The question now circulating throughout the cryptocurrency market: Is Ethereum about to break $4,000?
Ethereum’s Address Growth: A Key Indicator of Adoption
The latest figure from Etherscan shows that each day over 134,000 new Ethereum addresses are being created.
The number of active wallets on the network has risen by this eye-opening amount, which is something we all feel as a strong indicator of growing adoption.
Daily influx signals for higher level of engagement ever, an individual and institutional interest on Ethereum blockchain.
For months, Ethereum’s address count has risen steadily, each address indicating a new user or entity. Recent data shows that Ethereum’s network hit a major milestone:= recently.
This is over 200 million unique addresses, and it keeps going.
The rate of new addresses hitting the network daily increasing by 134,000 shows the ethereum protocols structure is still growing its user pool into the second largest cryptocurrency by market capitalization.
This positive adoption trend has also helped Ethereum’s price show impressive momentum on the back of it. The price of the cryptocurrency rose by more than 6% in the past 24 hours alone.
With pasting a key resistance level out the way, ETH traded at just above $3,500. Ethereum is now the first next key target market analysts are watching it, at $4,000.
With the price of Ethereum set to surge in price, there are many anticipating this could be another Ethereum rally, ultimately leading the cryptocurrency higher in the months to come.
ETH Price Technical Analysis Showing Bullish Signs
Ethereum technically looks to be in a strong bullish trend. After a string of weeks of consolidation, ETH’s price overcame its recent resistance levels, proposing more upside potential.
The trending price action suggests that the ETH market is rising which may be a sign therefore that the ETH or Ethereum price may reach or exceed the $4,000 target.
Firstly, lets take a look at Ethereum’s moving averages, and if we look, one way in which the MA is indicative of bullish sentiment is when the 50 day MA crosses above the 200 day MA.
If there is any line to watch for an entry into Ethereum, this ‘Golden Cross’ formation precedes every extended price rally, making it a key technical indicator to keep an eye on.
Ethereum’s Relative Strength Index has yet to reach overbought levels, but its strength remains strong, as well. Which would suggest there is still some room to grow until such a correction takes place.
As Ethereum’s usage on the network grows, along with its growing adoption, the amount of ETH required far overtakes the selling pressure and continues to support the continuation of its uptrend.
Ethereum’s trading volume has also seen a fundamental increase, which adds fuel to the fire for an imminent rally.
The high trading volume combined with the increasing address counts all tells a good story about the future of Ethereum in the near term.
