Ethereum Addresses Rise, Taking ETH Back to $3K – What’s Next?

  • Ethereum has seen nearly 350 new addresses in the past three days.
  • ETH volume has increased by more than $13 billion.

Ethereum (ETH) has recently experienced positive price movements, pushing its price back above $3,000. At the same time, the number of addresses rose to a level not seen since 2022.

Has this spike in the number of new addresses led to more activity on the network?

Ethereum new addresses retest record number

According to data from SantimentBetween May 4 and 5, Ethereum saw its highest daily new address creation rate, which was the first time in almost two years.

The graph showed that the daily number of new addresses exceeded 196,700, a milestone not seen since October 8, 2022.

Growth of the Ethereum networkGrowth of the Ethereum network

Source: Santiment

Subsequent analysis of the network growth graph revealed a gradual slowing of this increase.

By the close of trading on May 6, the number of daily new addresses had dropped to around 115,000, and dropped further to around 33,000 at the time of writing.

This influx is not unexpected, given Ethereum’s previous flirtation with the $4,000 range this year.

It’s likely that the influx of these new addresses anticipates Ethereum’s potential to retest and surpass that price threshold. The last time there was an inflow in October 2022, the ETH price rose months later.

New Ethereum addresses have yet to become active

Overall, the number of daily active Ethereum addresses has increased since March. According to AMBCrypto’s look at the chart below, it has consistently remained above 500,000 and only occasionally dropped below this threshold.

Ethereum daily active addressesEthereum daily active addresses

Source: Santiment

Specifically, the count on May 4 and 5 was approximately 560,000 and 556,000, respectively, with no discernible trends observed. At the close of trading on May 6, the number stood at 536,000.

Moreover, at the time of writing, the count was approximately 160,000.

While this indicates a healthy level of activity on the network, the recent influx of new addresses has not yet significantly affected this. These new addresses can be watched from the sidelines for the time being.

Ethereum volume is over $10 billion

AMBCrypto’s look at Ethereum’s volume revealed that the influx of new addresses did not lead to significant changes in trading activity.


Realistic or not, here is the ETH market cap in terms of BTC


The chart showed a recent decline in volume, and even on the day of the peak in new addresses, volume remained below $10 billion.

It wasn’t until May 6 that volume exceeded this threshold and exceeded $12 billion. According to the latest data, the volume was approximately $13 billion.

Ethereum volumeEthereum volume

Source: Santiment

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