Towards the end of last week, the number of addresses HODLing Ethereum surpassed 87 million, creating a new all-time high. Parallelly, the number of new addresses on the network has also been on the incline over the past few days.
Data from Santiment revealed that on Saturday a total of 35,780 new ETH addresses popped up on the network—the highest since December 2021. Per the on-chain data analytics platform, the said number represents 11.1% more network growth than the next highest level registered this year and is hinting at a breakout. It added,
“Utility rises commonly foreshadow potential asset breakouts.“
Ethereum: Uncertainty prevails though
As highlighted in a recent article, the short-term upside target for Ethereum lies around the psychological $1.5k level. The rise in the number of HODLers and new addresses makes the environment favorable for an inclination, but there’s not much support from other factors.
Read More: Ethereum HODLers surpass 87 million: $1500 next stop for ETH?
Ethereum’s realized cap, for instance, is currently hovering around its 11-month low level. This metric represents the realized value of all the tokens on the network, as opposed to their market value, and serves as a proxy for the value stored or saved in the asset. Thus, the current drop indicates that tokens that were last moved at more expensive prices are being spent.
Alongside, the exchange outflow volume has also been hovering around its two-year low of 6,699.452 ETH. The free-fall of this metric indicated that there’s not much buying pressure in the market to push up Ether’s price because fewer tokens are leaving exchanges.
Ethereum’s movement, however, also depends on Bitcoin’s directional bias. Of late, the largest crypto asset has been able to stay afloat above $19k, keeping the doors open for a steady Ethereum rise, despite the Achilles’ heel.