With the increase of non zero balance addresses, the retail demand for Ethereum (ETH) has reached an unprecedented peak.Although ETH's whales are still accumulating funds, overall demand remains relatively weak
With the increase of non zero balance addresses, the retail demand for Ethereum (ETH) has reached an unprecedented peak.
Although ETH's whales are still accumulating funds, overall demand remains relatively weak.
Despite experiencing a long winter of encryption, the Ethereum network has continued to develop, especially with the support of the second layer network, which has achieved a new milestone in address growth.
The increase in the number of addresses may mean an increase in demand for actual Ethereum (ETH), but this is only part of the problem. Let's take a closer look at some demand indicators, which can help us gain a deeper understanding of what is happening.
IntoTheBlock pays special attention to the situation of holding non zero balance addresses, which also echoes the above observation.
Consistent with the decline in foreign exchange balances, the number of Ethereum addresses holding non zero balances continues to increase. Since the second week of October, the number of Ethereum on the exchange has been decreasing, almost reaching the lowest level in the past four weeks. This situation is quite interesting as the number of Ethereum on the exchange sharply increased between the last week of September and the first week of October.
Will there be more demand as ETH's short-term selling pressure decreases?
The decrease in ETH transaction balance indicates the continued demand for ETH. However, the whales in the market play a crucial role as they have the potential to influence the future trend of cryptocurrencies, whether they rise or fall.
The ETH holdings of the largest address have been increasing in the past four weeks and are currently at their highest point this month. This indicates that whales have been accumulating ETH at low prices. In addition, the average coin age of ETH has also remained at its high point this month, indicating that current demand may be persistent and worthy of long-term attention.
Although the above situation indicates that the demand for ETH is increasing, bulls are still striving to maintain control over bears. Indeed, since we observed a retest of support levels last week, there have been attempts to push up prices.
In summary, Ahan concludes that ETH is still affected by short-term market conditions. However, the current market conditions seem to be more favorable for bulls.
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