According to the latest post from IntoTheBlock, ETH has reached a new milestone - ETH has a balance of over 100 million addresses. Although the accumulation of whales is indeed beneficial for substitutes, the demand in the retail sector remains bleak
According to the latest post from IntoTheBlock, ETH has reached a new milestone - ETH has a balance of over 100 million addresses. Although the accumulation of whales is indeed beneficial for substitutes, the demand in the retail sector remains bleak.
- With the surge of non zero balance addresses, ETH retail demand has surged to new historical levels.
- ETH Whale is accumulating funds, but demand remains weak.
Despite the long winter of encryption, Ethereum networks continue to grow, especially with the help of Layer 2 networks. So much so that it has now achieved a new milestone in address growth.
Recent IntoTheBlock analysis shows that as of the time of publication, Ethereum has a balance of over 100 million addresses. This means that Ethereum has more addresses than during the last bull market peak.
This highlights the fact that more and more people are embracing ETH. But does this mean that ETH can obtain sufficient demand to increase its base price?
The increase in the number of addresses may indicate an increase in demand for paper ETH. However, reality is much more complex. Let's take a look at the requirement indicators, which may help us understand what is happening.
As a context, IntoTheBlock emphasizes the same situation observed in addresses holding non zero balances, with a balance of over 107 million as of the time of publication.
The number of addresses holding non zero balances continues to increase, consistent with the latest decline in foreign exchange balances. Since the second week of October, the number of ETHs on the exchange has been declining, almost at its lowest level in the past four weeks. This is interesting because it initially soared between the last week of September and the end of the first week of October.
The short-term selling pressure on ETH is fading, but can demand take over?
The decrease in ETH trading balance confirms the healthy demand for ETH. However, whales have the greatest impact on the market and have the ability to determine whether cryptocurrencies will enjoy more upside or face more short-term selling pressure.
In the past four weeks, the supply of ETH held by top tier addresses has been increasing, reaching a monthly high at the time of writing this article. This indicates that whales have been accumulating at recent lows. Similarly, the average currency age of ETH is also at a monthly high, indicating that the current demand level may have long-term concerns.
Despite the above findings, ETH bulls are still striving to ensure their dominance over bears. Indeed, after the retesting of support we observed last week, someone attempted to push it higher. As of the time of writing, the ETH trading price was $1563, still close to the current short-term support level.
The above findings indicate that ETH is still influenced by short-term market conditions. However, the current market conditions do seem to be favorable for bulls.
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