ETH hits 100 million addresses with balance; can this event stop the bears?

• ETH retail demand soars to new historic degree as addresses with non-zero balances soar.
• ETH whales have been on-board with accumulation however demand remained weak.

The Ethereum community continues to develop particularly with the assistance of layer 2 networks regardless of the prolonged crypto winter. A lot in order that it has now achieved a brand new milestone in tackle progress.

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A latest IntoTheBlock evaluation revealed that Ethereum, at press time, had over 100 million addresses with steadiness. This implies Ethereum had extra addresses than it did on the peak of the final bull run.

This underscores the truth that extra folks have been embracing ETH. However does this imply that ETH can safe sufficient demand to lift its flooring worth?

Ethereum crosses 100M addresses with steadiness! A milestone second in crypto adoption. #ETH100M
🔗https://t.co/kfjHd1gZAJ pic.twitter.com/qDJzOO1vy7

— IntoTheBlock (@intotheblock) October 18, 2023

The rising variety of addresses may point out extra demand for ETH on paper. Nonetheless, actuality is way more difficult. Let’s check out demand indicators that will assist provide some insights into what is occurring.

For context, IntoTheBlock highlighted the identical factor noticed with the addresses holding non-zero balances which, at press time, stood at over 107 million.

Supply: Glassnode

The rising variety of addresses holding non-zero balances aligned with the newest dip in change balances. The quantity of ETH on exchanges has been declining because the second week of October and was virtually at its lowest degree within the final 4 weeks. This was attention-grabbing as a result of it initially surged between the final week of September and the tip of the primary week of October.

ETH short-term promote stress is fading however can demand take over?

Declining ETH change balances confirmed that there was a wholesome demand for ETH. Nonetheless, whales have the largest affect in the marketplace and have the facility to find out if the cryptocurrency will get pleasure from extra upside or face extra short-term promote stress.

What number of are 1,10,100 ETHs worth today

The provision of ETH held by high addresses has been rising within the final 4 weeks and was at a month-to-month excessive on the time of writing. An indication that whales have been accumulating at latest lows. Equally, ETH’s Imply Coin Age was additionally at a month-to-month excessive, therefore signaling that the present degree of demand may have a longer-term focus.

Supply: Santiment

Regardless of the above findings, ETH bulls have been nonetheless struggling to safe dominance towards the bears. Granted, there was an try and push larger after the assist retest that we noticed final week. ETH exchanged palms at $1563 on the time of writing, which was nonetheless near its present short-term support degree.

Supply: TradingView

The above findings urged that ETH was nonetheless on the mercy of short-term market situations. Nonetheless, these market situations at the moment seemed like they have been— rising in favor of the bulls.