Ethereum
Ethereum (ETH) has made a stunning comeback in key network metrics — TradingView News
Ethereum ETHUSD is engaged in a frantic race to revive the optimism of its ecosystem regarding its performance and future potential. In the latest push, leading market analyst Ali Martinez shared a chart showing how Ethereum saw the strongest network growth in over a year. The protocol saw its number of new addresses increase by 139,560 on April 29.
Ethereum needs a major facelift
The current market outlook shows that the Ethereum price has lost more than 11% of its value in the last month alone. In addition to this price drop, the performance of the Ethereum ecosystem has been relatively more erratic as congestion issues have not yet been alleviated.
While retaining its ranking as the dominant decentralized finance (DeFi) protocol, Ethereum needed a major facelift that could restore sentiment. The visible address count measurement is a good start as it shows the protocol is regaining the dominance it is gradually losing as a utility-focused smart contract.
According to Ali Martinez’s chart, all 139,560 addresses were opened at a price of $3,214.14. With the Ethereum price falling as low as $2,948.46, a significant discount window has been created to allow these new market entrants to make their first purchases of Ethereum.
#Ethereum just experienced its biggest network growth in over a year! Around 139,560 new $ETH addresses were created on April 29. pic.twitter.com/9hJRt3Jp8k— Ali (@ali_charts) May 1, 2024
This outlook is further evidence that the current Ethereum price decline has a bullish network fundamental that can trigger its reversal.
Ethereum ETF – Is Approval in Sight?
The emergence of a spot Ethereum ETF is a major boost to the ecosystem that the market has been waiting for for some time. With the VanEck and Ark 21Shares cases expected to reach a final decision this month, a positive ending would have a major impact on the market.
However, the chances of approval are particularly low, given that the US SEC is considering designating Ethereum as a security. Speculation is negatively intensifying while the chances of approval by market experts remain low.
However, dynamic growth in network activity may help return the coin to its winning path in the coming weeks.