Journalist
Posted:
- Ethereum’s daily new addresses have been increasing lately.
- ETH fell for a second day but maintained the $2,000 price range.
Factors beyond the latest ETF application were driving Ethereum’s recent rise [ETH] price. The actions of addresses on the network have also played a major role in influencing the movement of ETH.
Ethereum addresses exhibit mixed accumulation patterns
Santiments The chart revealed a recent increase in the number of wallets holding less than one Ethereum in recent days.
An analysis of the chart indicated that these wallets have achieved several milestones. Currently, the number of such wallets now exceeds 103 million.
Source Santiment
In addition, you examine the address statistics Glass junction provides a daily trend overview.
The corresponding chart on Glassnode showed a continued upward climb for this category of wallets. According to the latest data, the number of addresses in this level was over 24 million.
Despite the optimistic trend in the number of wallets holding less than 0 ETH, caution should be exercised when considering the 10,000 to 10 million levels.
Analysis of the graph indicates a decrease in the number of addresses within this range. More interestingly, the cut came as the price of ETH rose.
Although some addresses are piling up, it appears that this significant level is concerned with profit taking.
Analysis of the new Ethereum addresses
Another strong on-chain metric for Ethereum is the increasing number of new addresses. Analysis of the new addresses metric on Glassnode revealed a consistent increase in the number of daily new addresses since approximately November 6.
Currently, this trend has continued: more than 77,000 new addresses are registered every day.
The growing number of new addresses means increased attention for ETH. Depending on the wallet levels these addresses belong to, Ethereum may experience an increase in the number of transactions.
Source: Glassnode
Is ETH entering the correction phase?
After the sharp rise, Ethereum has experienced a two-day decline as shown by the daily time chart. At the end of trading on November 10, the ETH price had fallen 1.99% to around $2,078.
Currently, the price has fallen further by more than 1% and is trading around $2,051. Despite these declines, the $2,000 price range has remained stable, at least for now.
However, there is a possibility of further declines in the coming days as the price tries to correct itself.
Source: TradingView
How much is 1,10,100 ETHs worth today?
Since the last update, Ethereum has been in the overbought zone on its Relative Strength Index (RSI). Typically, when an asset enters this zone, a price correction is very likely.
Nevertheless, a price rebound could occur if persistent buying pressure persists and outweighs the selling pressure associated with corrections.