ETH Eyes US $1,800 Mark as Ethereum Hits 100 Million Addresses

Ethereum (ETH) has been the subject of much doom and gloom over the past month, as the industry’s number two coin has struggled to keep pace with Bitcoin (BTC) for much of 2023. With Total Value Locked (TVL) and transaction activity slipping, many analysts have proclaimed a lengthy downtrend for Ether. However, in spite of some weakening fundamentals, ETH has bucked the trend and risen 14% in the past seven days, closing in on the $1,800 (AU $2,800) resistance level.

Active Addresses on Ethereum Network Hits 100 Million

A crypto wallet is considered active on Ethereum when it contains at least one wei (a fraction of a cent). The jump in active wallets appears to have kicked off around the 16th of October, around the same time the crypto market began perhaps its biggest rally of 2023.

It’s interesting to note that new users are not responsible for ETH addresses breaking the 100 million milestone. Rather, it appears that returning investors – who had initially sold their holdings – are jumping back onto the coin after identifying the bullish market conditions. 

Not All Good News for ETH

Although Ether’s 7-day performance may have reinspired confidence in some investors that the coin belongs in the same breath as Bitcoin, other fundamentals are still demonstrating bearish signals. New address activity is actually down quite significantly since earlier in the year, in direct contrast to the rising number of wallets on the network. Additionally, the coin is being outperformed by direct competitors Solana (SOL, up 26% over 7 days) and Polygon (MATIC, up 20% over 7 days).

The coin appears to be at a significant turning point for the project. It remains unclear whether ETH can keep pace with Bitcoin and other DeFi coins in the top ten, or whether the “King of DeFi” is losing its grasp on the throne.