𝐂𝐨𝐮𝐥𝐝 𝐑𝐞𝐧𝐞𝐰𝐞𝐝 𝐌𝐨𝐦𝐞𝐧𝐭𝐮𝐦 𝐏𝐫𝐨𝐩𝐞𝐥 𝐄𝐭𝐡𝐞𝐫𝐞𝐮𝐦 𝐭𝐨 $𝟓,𝟎𝟎𝟎?😱😱🤑

Ethereum’s on-chain activity has surged to an eight-month high, fueled by a significant increase in new wallet addresses. Recent data shows the Ethereum network now generates approximately 130,200 new addresses daily, a milestone last observed in April. This renewed interest in Ethereum is sparking optimism as the cryptocurrency eyes key price targets of $4,000 and $5,000.

The spike in network activity underscores growing user engagement and investor confidence. Analytics platform Santiment highlights a consistent rise in Ethereum’s Network Growth metric since November, reflecting a doubling of new daily wallet creations. This resurgence mirrors levels seen in March and April when Ethereum previously gained strong upward momentum. Supporting this trend, data from IntoTheBlock reveals Ethereum’s transaction volume has surged, with major transactions exceeding $68.23 billion in the past week—among the highest recorded this year.

As Ethereum consolidates between $4,000 and $2,220—a range it has maintained for much of 2024—renewed network activity could act as a catalyst for a breakout. The asset’s robust performance comes amid substantial inflows into spot Ethereum ETFs in the U.S., which recorded $854.85 million last week, the largest since their inception. Should Ethereum achieve a sustained break above $4,000, analysts suggest it could rally toward the $5,000 mark, potentially as early as 2024 or the beginning of 2025.

#ETHMomentum #EthereumNetworkGrowth #CryptoRally $ETH $BTC