Ethereum network has raised eyebrows after hitting over 17.4 million unique weekly active addresses. What does this mean?
Ethereum has faced significant price fluctuations over the past week, sparking mixed reactions in the market. As of press time, ETH is trading at around $2,603 with a 4.74% price upsurge and a 24.77% increase in trading volume in the past 24 hours, per CoinMarketCap.
According to Growthepie data, the Ethereum network has seen a spike in its weekly unique active addresses, hitting over 17.4 million. This is a sign of heightened on-chain activity and interactions across the Ethereum ecosystem. Ethereum could be facing renewed investor confidence as the network utility rises, a potential catalyst for its bullish rally.
Is a bullish momentum brewing?
Ethereum blockchain hosts many layer 2 applications and protocols, allowing developers to build solutions for web3 challenges. As a result, ETH is a significant utility token enhancing transactions in the ecosystem. According to IntoTheBlock data, $ 1.12 billion worth of ETH has left the exchanges with over $ 45.56 billion in large ($100k+) transactions.
With 56% of ETH holders being whales, and 60% of them already in profit, the new all-time high on-chain activity signals whale accumulation. Following weeks of downtrend in Q1, 2025, ETH could be facing renewed investor interest. As a result, the king of altcoins could be gearing up for a significant bullish rally in the coming weeks.
