Ethereum Price Soars With Record Address Growth- $5,000 Incoming?

During Wednesday’s U.S. market session, the crypto market showed a neutral stance as Bitcoin prolonged sideways action around $95k. Defying the consolidation, the Ethereum price surged 6%, renewing bullish momentum in the altcoin market. The recovery, backed by a steady growth in new address creation, signals a potential for a fresh breakout.

Currently, the ETH price trades at $3,850 with an intraday gain of 6.5%. According to Coingecko, the crypto market cap holds at $458.5 Billion, while the 24-hour trading volume is at $42.3 Billion.

Key Highlights:

The Ethereum price breakout from the 8-month resistance trendline signals the continuation of the prevailing uptrend.
Ethereum is adding over 134,000 new addresses daily, reflecting strong adoption and growing blockchain activity.
The ETH coin recovery could witness overhead supply at $4,090, followed by $4,876.

Ethereum Price and Network Growth Align for a Potential Breakout

Over the past month, the Ethereum price recorded a notable rally from $2,350 to $ 3,857, accounting for a 63% surge. A look at 4 hours shows the recovery trend resonating strictly between two converging trendlines of a rising wedge pattern.

While the chart setup typically encourages a bearish breakdown from a converging trendline, the ETH price, with its active uptrend, challenges the upper boundary. Thus, a potential breakout will signal a higher conviction from buyers to drive a sustained uptrend.

In addition, the Ethereum network is experiencing a surge in activity, with over 134,000 new ETH addresses being created daily, according to the latest on-chain data shared by a prominent analyst, Ali Martinez.

This growth reflects a steady adoption trend, underscoring the increasing interest and engagement within the blockchain ecosystem.

The #Ethereum network is showing consistent growth, with over 134,000 new $ETH addresses being added daily! Steady adoption highlights the growing interest and activity on the blockchain. pic.twitter.com/2OpBZhl2Ih

— Ali (@ali_charts) December 4, 2024

ADX Indicates Growth Potential as ETH Targets $5,000

Amid the November uptrend, the Ethereum price gave a bullish breakout from the downsloping resistance trendline intact since March 2024. The asset is currently witnessing a post-breakout retest, projecting its sustainability for higher with a long-tail weekly candle.

With sustained buying, the ETH price could breach $4095 high and a potential target of $5,000.