- The number of Ethereum addresses holding at least 1 ETH has hit a new all-time high of 1,224,176
- The Ethereum Network witnessed its highest daily address activity after posting its most recent all-time high of $4,205
- ETH’s price is backed by fundamentals such as high network activity
- $3,650 is the Ethereum support level to watch moving forward
The number of Ethereum addresses holding at least one ETH has reached a new all-time high of 1,224,176. This milestone was identified by the team at Glassnode through the following statement and accompanying chart.
Ethereum $ETH Number of Addresses Holding 1+ Coins just reached an ATH of 1,224,176 Previous ATH of 1,224,148 was observed on 09 May 2021
Ethereum sets New ATH, Experiences Highest Day of Network Activity
The increased activity on the Ethereum network when it set its most recent all-time high was captured by the team at Santiment through the following chart.
Ethereum’s Price Growth is Backed by Fundamentals
The high network activity on the Ethereum blockchain is proof that ETH’s current price growth above both $3k and $4k, has been backed by on-chain activity. The relationship between Ethereum’s network activity and its price was best summarized by the team at Glassnode as follows.
Activity on the Ethereum chain has increased significantly over the past weeks, indicating on-chain economic flows support this rally in price. The chain has seen a strong uptick across the board of many metrics including total number of smart contract calls, uniswap transactions, total transaction rate and USD settled in ETH transfers, just to name a few.
$3,650 is the Ethereum Support Level to Watch
At the time of writing, Ethereum is trading at $3,950 as it attempts to reclaim the $4k price area as support.
The current price level is the result of a dip to $3,650 right after Ethereum posted its most recent all-time high of $4,205. The dip was the result of Bitcoin and the entire crypto markets, taking a nosedive after the traditional markets were shaken by the Colonial Pipeline hack that is yet to be resolved.
Therefore, Ethereum could experience a brief pullback alongside the traditional global markets that are absorbing the impact of the pipeline hack.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.