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Ethereum Active Addresses Surge 37%, Signaling Network Resurgence

Coin WorldThursday, Jan 30, 2025 1:26 am ET

1min read

Ethereum's active addresses have surged by 37%, surpassing March 2024 highs and signaling increased network activity in early 2025. According to blockchain analytics firm IntoTheBlock, the network addresses soared to 670K last week, up from over 400K in March 2024. The average number of active Ethereum addresses surpassed 620k last week, the highest since March 2024!

Over the same period, ETH's total value locked (TVL) jumped from $65 billion to $98 billion before retracting to $84 billion at press time. Within Ethereum, leading platforms such as Aave and Lido are responsible for the majority of the network's TVL, collectively accounting for over $60 billion. Given that these platforms are well-regarded by institutional investors, it is plausible that significant entities are contributing to the rising network activity.

Despite the recent 8% drop to $3,000, ETH continues to defend the vital support level at $3,000. However, the price has retested this support multiple times, leading to concerns about a potential downside breach, especially in light of ongoing bearish sentiment following the upcoming FOMC meeting. A price reversal could elevate ETH to the mid-range of $3,500 or the resistance area between $3,600 and $3,700.

In summary, the recent metrics of Ethereum suggest a renewed interest from both retail and institutional investors, which could reshape its future trajectory. As the market dynamics shift, vigilance is essential for traders navigating the current landscape. Maintaining a close eye on key support levels, alongside developments in the broader DeFi ecosystem, will be crucial for making informed investment decisions.

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