The Ethereum blockchain, which is the second largest in the world, has seen a slowdown in activity in recent months. However, things are picking up again, with a noticeable increase in new wallet creation last week.
Some cryptocurrency experts are saying that Ethereum (ETH) might be ready for a big price jump soon. They predict it could rise to around $3,700.
What’s Happening With Ethereum Wallets?
Reports earlier this week showed that fewer people were participating in activities on the Ethereum network. This decrease in activity usually means fewer individual traders, known as retail traders, are buying or selling.
The number of “active addresses,” or wallets actively sending ETH, dropped below 170,000 for a while. This low activity often happens after Ethereum’s price drops for a long time. It could also mean that most people selling are done and new buyers might start coming in.
Recently, the trend seems to be improving. On December 2 and December 15, many new ETH wallets were created—over 195,000 new wallets on both days. This is a big jump compared to earlier in the year, even surpassing July levels. Back in July, Ethereum’s price increased a lot afterward and reached nearly $5,000.
A report from Santiment, an analytics company, shared that Ethereum is now creating about 163,000 new addresses on its network per day, which is more than the 124,000 daily in July. Santiment shared a helpful tracker where people can monitor Ethereum’s network growth or explore other cryptocurrencies: Track Ethereum Network Growth.
Experts Predict Big Changes in Price
Over recent days, Ethereum’s price dipped below $2,900. But it bounced back and is now close to going above the $3,000 milestone again.
Some cryptocurrency experts believe Ethereum could rise significantly in price very soon. For example, Merlijn The Trader claims Ethereum is positioned for a surprising move that could shock investors. He suggests the current market patterns are similar to a past rally between 2015 and 2018, which saw prices go up a lot.
Merlijn says Ethereum could grow in value compared to Bitcoin (BTC), another major cryptocurrency. Ethereum is currently trading at 0.03 BTC, meaning its value is smaller than Bitcoin’s. But he predicts Ethereum could rise to 0.12 BTC, which would be its highest level since 2017 or 2018.
Another notable analysis came from cryptocurrency analyst CW. He shared that Ethereum’s price is “gathering energy” after its recent downward trend. If Ethereum continues gaining momentum, CW believes ETH could reach $3,700, which he calls its next “major sell wall” (a point where sellers might start to reduce activity).
Ethereum enthusiasts can monitor these updates shared by analysts, such as CW’s predictions.
To sum up, while Ethereum faced slower activity earlier this year, new wallet creation is increasing. At the same time, many experts believe Ethereum may soon experience a surprising price jump. If you find interest in Ethereum, it might be a good idea to keep tracking future updates closely!