Ethereum Network Sees Surge in Activity as Price Targets $5,000

Ethereum’s Network Growth Indicates Rising Interest

A surge in new Ethereum wallet addresses signifies a growing level of engagement among users and investors. This positive trend is highlighted through Santiment’s Network Growth metric, showcasing a significant increase in daily new Ethereum addresses being created since November. Currently, the network witnesses an average of 130,200 new addresses forming each day, reaching its highest level in eight months.

Transaction Activity on Ethereum Blockchain

IntoTheBlock’s data further supports Ethereum’s heightened activity, with transaction levels now comparable to those seen in March 2024 when the price broke above $4,000. Large transactions valued at $100,000 or more have reached $68.23 billion in total over the past week, indicating substantial movement within the network.

Potential for Ethereum Price to Reach $5,000

The revived interest in Ethereum raises the possibility of the asset testing new highs, with a potential break above $4,000 in the near future. Despite lagging behind other cryptocurrencies like Solana, Ethereum’s dominant position in the altcoin market could propel its price upwards. Increased network participation might provide the necessary momentum for a significant price surge towards $5,000.

Inflows into US-based Spot Ethereum ETFs

The recent surge in Ethereum inflows to US-based Spot Ethereum ETFs, totaling $854.85 million in the last week, signals growing investor interest. A sustained break above $4,000 could pave the way for Ethereum to reach $5,000 before the end of 2024 or early 2025, marking a potential milestone for the cryptocurrency.

Image source: CNBC, chart source: TradingView