Ethereum New Addresses Reach 256,817 in One Day, Matching Previous Bull Cycles
Ethereum is in a correction phase following a price surge to $3,940. The asset has retraced over 12%, falling below $3,450 as the market consolidates recent gains. Despite this pullback, on-chain data indicates strong underlying support.
- Whale addresses are accumulating ETH during the dip, indicating long-term bullish sentiment.
- Rising network activity metrics, including new addresses and transaction volumes, suggest robust investor interest.
- Recent data shows 256,817 new ETH addresses created in one day, matching growth rates from past bull cycles.
- Legal clarity in the U.S. and increasing institutional adoption are enhancing Ethereum's fundamental value.
Market Analysis
Ethereum's price fell to $3,454.41, breaking key support levels. A rejection from the $3,860 resistance zone has led to increased selling pressure. Current critical support lies around $3,450, previously an accumulation zone.
- Volume surged during the decline, driven by panic selling.
- The 200-period SMA is at $3,192.22, indicating the broader uptrend remains unless breached.
- If the $3,450 support holds, a recovery towards $3,860 is possible; failure could lead to a deeper correction targeting $2,850.
