Ethereum Adoption On The Rise As ETH Reaches 12-Week Peak

Jan. 30, 2023
Ethereum Adoption On The Rise As ETH Reaches 12-Week Peak

As on-chain measurements reveal growing usage and engagement, Ethereum narratives continue to strengthen. All of this is boosting asset demand and ETH prices. As crypto markets rebound, Ethereum’s on-chain activity continues to rise. Several measures, including ERC-20 daily token transfers, have recently been gradually growing.

Ethereum’s on-chain activity is booming, as indicated by a significant increase in token transfers and unique addresses. The number of daily token transfers has reached a new high of 1 million, demonstrating a substantial growth of 100% over the past six months, according to¬†Etherscan.

Similarly, network usage, as measured by unique addresses, has also been on the rise. PrimeXBT reported an all-time high of 92.5 million addresses, a testament to Ethereum’s growing popularity and adoption.

This surge in on-chain activity and usage demonstrates a rising demand for Ethereum and further strengthens its narrative. The increasing number of verified smart contracts and steady daily transactions on the network further support this growth. Ethereum’s issuance being deflationary only adds to the bullish sentiment surrounding the asset.

Ethereum Network Activity & Price Hike

The number of Ethereum unique addresses has also reached an all-time high of 221 million, with the statistic increasing by about 10% over the last six months.

Furthermore, everyday transactions on the Ethereum network have remained consistent at roughly 1 million. This suggests that network usage and activity have not fallen in tandem with costs during the last three months.

Since the same period last year, the number of daily verified smart contracts on the network has surged by around 140%. According to Etherscan, there are presently roughly 600 new contracts validated on Ethereum every day.

Increased network activity and optimism about Ethereum fundamentals have bolstered sentiment. Lark Davis, a crypto YouTuber, stated on January 29 that Ethereum has been essentially stable during the bear market, adding, “in brief, no one has enough ETH.”

Ethereum supply is now deflationary, at -0.04% per year, according to Ultrasound.Money. As a result, the supply of circulating ETH is now decreasing. The overall supply of 120.5 million ETH has declined by around 9,200 ETH, worth approximately $15 million, since the beginning of this year.

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According to CoinMarketCap statistics, at the time of writing, ETH prices are up 1.96% on the daily timeframe. As an outcome, during the early hours of January 30, the asset was trading for $1,616.

Source: Tradingview

Furthermore, ETH just reached a 12-week high of $1,658. It has risen 36.7% in the last month, from below $1,200 at the start of the year.

Ethereum is now encountering resistance at these levels, which it last traded in late October 2022. ETH might reach the next level with a breakthrough move at roughly $1,800. However, if the crypto surge loses momentum, ETH prices might fall back to $1,350 support levels.

Ammar Raza

Associate editor
Skilled in crafting compelling content, with a deep enthusiasm for blockchain technology. I offer precise and easily comprehensible perspectives on cryptocurrencies, decentralized finance, and the ever-evolving landscape. Count on me as a reliable resource to remain informed about the latest advancements in the world of crypto.