- Ethereum new addresses stay within the 90,000 range.
- The number of new depositors remains low.
Ethereum’s [ETH] price has experienced a positive trend lately, and one might have anticipated a surge in new users eager to join the excitement. Despite a steady influx of new users, there is no apparent sense of urgency or rush.
Mixed signals from Ethereum’s new addresses
A recent post from IntoTheBlock showed that Ethereum has yet to see a surge in new addresses despite the prevailing bullish market conditions.
However, an examination of the new address metric on Glassnode showed some noteworthy trends. The chart indicated a consistent trend, aligning with the overall pattern observed throughout the year. This is despite that there has not been a recent spike.
Source: Glassnode
Furthermore, the analysis showed that, as of this writing, the number of new addresses was over the figures recorded at the beginning of the year.
The chart displayed intermittent spikes, yet the count of new addresses consistently was around the 90,000 mark. At the time of writing, the number of new addresses was 91,547, with a notable spike observed.
Ethereum new stakes declines
Ethereum has recently encountered a setback, particularly in the number of new depositors. According to CryptoQuant data, there has been a significant decline in the number of new depositors or stakers.
The chart indicates that, at the time of this report, the count of new depositors was around 1,300. At the beginning of the month, this number was nearly twice as high and had even surged to over 5,000 at one point.
While not the lowest recorded daily depositor count, it signifies a notable decrease in staking activities over the past few months.
ETH sustains its upward trend
Ethereum has recently demonstrated a strong price performance, with its daily timeframe chart revealing a significant uptrend. This positive momentum has propelled its value into the $2,300 range, a level not seen in a while.
As of this writing, it was trading at around $2,370, with an increase of less than 1%. The chart showed that it was trading above both its short- and long-moving averages (yellow and blue lines), respectively.
Source: TradingView
Realistic or not, here’s ETH’s market cap in BTC terms
While the current trend is bullish, the surge in price has yet to be accompanied by a proportional increase in the number of new addresses.
This suggests that retail traders may be exercising caution. It appears that they are hesitating to enter the market, possibly observing from the sidelines to assess whether the current trend is sustainable or a speculative bubble.