Will Renewed Interest Push Ethereum to $5,000?
Ethereum activity has increased to an eight-month high, with new wallet addresses. December on-chain statistics reveals 130,200 new Ethereum addresses produced daily, a number not seen since April.
Activity is rising as Ethereum pursues a break over $4,000 and $5,000.
Ethereum Network Activity Increases
New Ethereum wallet addresses indicate rising user and investment interest. The Network Growth measure from Santiment, a renowned on-chain analytics tool, shows this intriguing attitude.
Since November, the Network Growth statistic shows a surge in Ethereum addresses. Daily new addresses have doubled since then due to constant expansion. Ethereum now generates 130,200 addresses daily. Interestingly, Ethereum network growth is at its best pace in eight months, rivaling March and April.
Another on-chain analytics business, IntoTheBlock, supports Ethereum's activity surge. IntoTheBlock reports that Ethereum transaction activity is approaching March 2024 levels, when the price broke over $4,000.
In the previous week, IntoTheBlock data indicates $68.23 billion in major transactions of $100,000 or more, one of its greatest weekly volumes this year.
Will Renewed Interest Push Ethereum to $5,000?
The asset may soon reach new highs due to renewed interest in Ethereum. Ethereum has stayed between $4,000 and $2,220 for most of the year, unlike Bitcoin and Solana, its biggest crypto competitors.
Ethereum has the highest altcoin market share, yet its price has trailed Solana and XRP.
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However, renewed network engagement may be the catalyst for a substantial rise. Ethereum is trying to break over $4,000 after retesting it in the previous 24 hours. This follows a string of inflows into US-based Spot Ethereum ETFs, which saw $854.85 million last week, its largest flow since debut.
Start with a sustained break over $4,000. If Ethereum can accomplish this, it might hit $5,000 by 2024 or early 2025.
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