According to on-chain analytics platform Santiment, Ethereum is seeing the highest level of network growth since April as its price attempts to reclaim the $4,000 mark. Notably, 130,200 new ETH wallets were created per day in December, the highest since April.
This surge in new wallets indicates a renewed interest in Ethereum that hasn't been seen in months.
Santiment wrote in a recent tweet: "Ethereum is seeing an 8-month high level of new wallets created. With an average of 130,200 addresses newly popping up on the network every day so far in December, ETH is seeing renewed interest it hasn't seen since April."
📈 Ethereum is seeing an 8-month high level of new wallets created. With an average of 130.2K addresses newly popping up on the network every day so far in December, ETH is seeing renewed interest it hasn't seen since April. pic.twitter.com/sLPy8yeWtl
— Santiment (@santimentfeed) December 13, 2024
Ethereum's price has been continuously rising, and the current climb has brought it within striking distance of the $4,000 mark.
The cryptocurrency market soared Wednesday, and Ethereum followed suit, recovering from lows of $3,564. Ethereum fell for two straight days at the start of the week, reaching a low of $3,501 during Monday's trading session.
At the time of writing, ETH was down 1.14% in the last 24 hours at $3,867, having reached intraday highs of $3,945. Ethereum has yet to recapture its critical resistance level of $4,000, as its rally has stalled below in the last two days.
Ethereum to hit $5,000?
According to CryptoQuant analysts, Ethereum (ETH) might surpass $5,000 for the first time due to investor demand, on-chain metrics and network activity.
CryptoQuant wrote in a recent tweet, "ETH may break above $5,000 as demand and supply dynamics strengthen. The realized price upper range, currently at $5,200, is consistent with the level seen at the pinnacle of the 2021 bull run, indicating high potential for additional increase."
There is renewed investor demand for ETH, as seen by spot ETF holdings reaching a new record high. Ethereum ETFs received their highest weekly inflow since launch, attracting $854 million in the week.
Furthermore, Ethereum network activity continues to increase. Total daily transactions are hovering at 6.5-7.5 million for the majority of 2024, compared to approximately 5 million in 2023.
Meanwhile, the total supply of ETH has hit 120.44 million, its highest since April 2023.
