In an unprecedented turn of events, the Ethereum network has experienced massive network growth. The recent Ethereum network growth comes when ETH is struggling compared to its counterparts, Bitcoin (BTC) and Solana(SOL).
Despite the recent market upswing, which led to new all-time highs for other cryptocurrencies, ETH has remained below its highs from 2021. This has resulted in investors losing faith in Ethereum.
However, as reported by Santiment on Jan. 27, 2025, the number two crypto by market cap saw 206,290 new wallet addresses between January 24th and 25th. This marks the highest surge in network growth in 27 months—since Oct. 8, 2022.
Ethereum still holds its position as the market leader with the most total non-empty addresses. This is contributed by DeFi, and staking options are available on the network.
ETH Price Performance
Ethereum faces ongoing price difficulties, which have created market-wide concerns. Market participants show increasing worry because alternative tokens are generating better returns.
As of this writing, data on Coinmarketcap shows that ETH is trading at $3,069.12, indicating a 7.01% decline in the day. The coin’s trading volume has surged by 123.11% and currently sits at $28.21 billion.
Ethereum also has a market cap of $369.8 billion, with 120.51 million coins in circulation. The daily chart general outlook shows a downward trend, with the coin plummeting towards the $3,000 mark.
Ethereum Price Prediction
Multiple market analysts have predicted that Ethereum will continue an upward trajectory based on technical indicators and historical data analysis. Popular analyst Elja, who has over 700K followers on X, recently supported Ethereum’s future growth potential.
Elja shared the chart below, indicating that ETH’s chart could mirror the price movement experienced between January and March 2024. Between January and March 2024, ETH had a strong bullish rally. He further predicted that $ETH might climb to $5,000 by March 2025.
CryptoGoos, another top crypto analyst on X, recently predicted that ETH will jump to $8,000. According to CryptoGoos, his strong ETH prediction stems from the falling wedge pattern indicated by Ethereum’s price. The falling wedge formation is usually considered a bullish signal in crypto.
Ethereum’s falling wedge is at its final stages, considered a make-or-break moment. This bullish technical formation can endure as long as Ethereum bounces back toward the $3,667 resistance zone.
The increasing number of Ethereum wallets demonstrates sustained interest in the digital ecosystem. While the cryptocurrency has not performed so well, the increasing number of new wallets reflects growing confidence amongst ETH investors. If Ethereum breaks above the $3,667 resistance that has been so hard, its price could rise to $5,000 or $8,000 as predicted.
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