The number of Ethereum addresses
holding at least one ETH has reached a new all-time high of 1,224,176. This milestone was identified by the team at Glassnode through the following statement and accompanying chart.Ethereum $ETH Number of Addresses Holding 1+ Coins just reached an ATH of 1,224,176 Previous ATH of 1,224,148 was observed on 09 May 2021
Yesterday, Ethereum set a new all-time high of $4,504. While this was happening, the Ethereum network experienced its highest day of addressed activity in its 6-year history.
The increased activity on the Ethereum network when it set its most recent all-time high was captured by the team at Santiment through the following chart.
The high network activity on the Ethereum blockchain is proof that ETH’s current price growth above both $3k and $4k, has been backed by on-chain activity. The relationship between Ethereum’s network activity and its price was best summarized by the team at Glassnode as follows.
Activity on the Ethereum chain has increased significantly over the past weeks, indicating on-chain economic flows support this rally in price. The chain has seen a strong uptick across the board of many metrics including total number of smart contract calls, uniswap transactions, total transaction rate and USD settled in ETH transfers, just to name a few.
At the time of writing, Ethereum is trading at $3,950 as it attempts to reclaim the $4k price area as support.
The current price level is the result of a dip to $3,650 right after Ethereum posted its most recent all-time high of $4,205. The dip was the result of Bitcoin and the entire crypto markets, taking a nosedive after the traditional markets were shaken by the Colonial Pipeline hack
that is yet to be resolved.Therefore, Ethereum could experience a brief pullback alongside the traditional global markets that are absorbing the impact of the pipeline hack.