Unlike our Ethereum bear market, it is bullish, however, could the increase in activity in the network initiate a stronger rise?
After the declines in Ethereum, the rise in the network looks promising. In this analysis, we have compiled what this means for you. Let’s find the answer to the question of whether Ethereum will rise together.
The Number of Addresses on the Ethereum Network Increases
Some of the latest data from Glassnode reveals different perspectives on ETH. One of these numbers is the number of ETH addresses holding at least one ETH, reaching an all-time high of 1.59 million addresses.
📈 #Ethereum $ETH Number of Addresses Holding 1+ Coins just reached an ATH of 1,590,198
View metric:https://t.co/IuKpD49gML pic.twitter.com/apvPimJD03
— glassnode alerts (@glassnodealerts) October 13, 2022
These data confirm that investors are holding ETH at lower prices. This indicates that wallet addresses holding Ethereum are not panic selling and are in HODL.
Can Ethereum Rise In The Light Of This Data?
ETH bears have managed to push the price below the September support line at the time of writing in the last 24 hours. Thus, Ethereum dropped as low as $1190 before a major pullback.
The data and analysis confirms strong buying pressure after breaking below the short-term support near the $1250 level.
ETH rallied above the same short-term support level at press time. This reflects the strong demand that the cryptocurrency has picked up after falling below the same level.
