Ethereum cost is presently trading at $1,565 as altcoins battle to stay afloat inthemiddleof bearish tailwinds. Can the current 100 million user turningpoint move ETH cost to brand-new all-time highs?
Ethereum’s current network adoption turningpoint has corresponded with bearish headwinds from the intensifying crisis in the Middle East. On-chain metrics offer data-driven insights into Ethereum’s capacity rate action for the weeks ahead.
Ethereum Reaches 100 Million Non-Zero Balance Addresses
When Ethereum transitioned from Proof of Work (PoW) to Proof of Stake (PoS) agreement, the significant property was to reduce energy needs, lower charges, and deepen worldwide adoption.
Since The Merge on September 15, 2022, the Ethereum network’s energy intake hasactually decreased by a self-reported 99.988%. Average Transaction Fees dropped to a 3-year low. And now, international adoption has increased to a brand-new turningpoint.
Ethereum reached an all-time high of 100 million non-zero balance addresses on October 16, according to on-chain information puttogether by IntoTheBlock.
A muchdeeper dive into the information reveals the ratio of non-zero balance addresses hasactually increased significantly giventhat the Ethereum Merge.
The chart listedbelow reveals that just 30% (57.64 million of 192 million) of overall Ethereum addresses held at least 1Gwei balance as of September 15,2022
As of October 19, 2023, the number hasactually increased to 37%, as 100.07 million of 270 million overall ETH addresses now hold an active balance.
Non-Zero Balance Addresses are crypto wallets or accounts on a blockchain that presently hold a favorable balance of the native currency.
These accounts presently hold some systems of ETH and are identified from empty or unused addresses with absolutelyno holdings.
This considerable boost in Non-Zero Balance Addresses shows growing adoption and international interest in Ethereum. This noticeable bullish signal might possibly drive up Ethereum market need and, consequently, the cost.
Notably, the timing of this rise in the Non-Zero balance addresses has corresponded with the Ethereum Merge. This recommends that decreased deal costs and energy-consumption optimization have effectively decreased the entry barriers and broughtin brand-new active financiers.
Ethereum is Attracting Unusually High Transactions From New Users
The 100 million Non-Zero Balance turningpoint indicates that numerous brand-new users have signedupwith the Ethereum environment. Interestingly, the “New Adopters’ Participation Rate” more verifies that brand-new ETH financiers are currently playing a huge part in day-to-day financial activity.
New Adopters’ Participation rate on the Ethereum network increased as high as 34% on September 26 and October 14, respectively. The last time this occurred in 2 successive months was in October and November 2022.
The “New Adoption Rate” metric examines the portion of addresses that made their first-ever deal out of all active addresses on a offered day.
This supplies a clear insight into how the beginners’ transactional activity hasactually been driving up the Ethereum network need.
Unsurprisingly, ETH hasactually held company at the $1,500 assistance inthemiddleof the growing bearish FUD from the intensifying Middle East crisis.
The information verifies that newbies’ deals haveactually been critical in current weeks.
Ethereum Price Prediction: The $1,600 Territory is Within Reach
From an on-chain viewpoint, the spike in the number of brand-new financiers and their transactional activity puts ETH in a prime position to break into a brand-new all-time high, targeting $5,000 throughout the next bull rally.
The Global In/Out of the Money information, which groups all present Ethereum holders by their entry rate circulation, likewise validates this story. It reveals that the giant sell-wall at $1,900 is the primary challenge inbetween ETH and a brand-new all-time high.
As portrayed listedbelow, 9.13 million addresses had purchased 38.48 million ETH at the minimum cost of $1,884. They might trigger an ETH rate turnaround from that variety if they choose for early earnings.
Since Ethereum’s share of non-zero balance addresses hasactually increased to 37%, the New Adopter’s involvement rate has the prospective to