Ethereum Price Today : How Recent Wallet Activity Could Influence ETH Price

In terms of network growth, Ethereum has made a new milestone, as it has recently marked a 4-month high in wallet creation. How has this new development impacted the market? Has it helped Ethereum to outperform other L1 chains? It’s time to do a simple analysis! Ready?

Ethereum’s Strong Network Growth

Yesterday, Ethereum saw a sharp rise in wallet creation. As many as 126,210 new wallets were created on the network, the highest reported in the last four months. Interestingly, no one expected such a growth to occur on Sunday – typically considered the quietest day for crypto activity.

As of now, the SMA 30 of Ethereum is around $2,544.11 – which is much higher than the asset’s current price. The last time it attempted to break above the level was on August 24. But, in the following days, sellers stepped in strongly, pulling the price downward from $2,768.78 to $2,456.37. On September 2, buyers pushed the price close to the SMA 30 level but failed, as sellers again stepped in, pushing the price sharply down. On September 6, the price recorded a monthly low of $2,225.45. Since then, the market has been recovering slowly and steadily.

Daily Active Users in L1 Chains: A Comparative Analysis

Currently, there are at least 371.60K daily active users in Ethereum. The chain has seen a 9.2% rise in terms of daily active users. Among the other prominent L1 blockchains, Solana has at least 2.32M daily active users, while BNB Chain holds nearly 803.86K active users. Solana has witnessed a massive increase of +157%, while BNB Chain has seen a minimal growth of 0.6%.

In conclusion, the price of Ethereum has shown a positive momentum recently. While it is possible that the rise in new wallets could impact the price of Ethereum, Solana dominates among L1 chains in terms of daily active users

Also Read: Binance-Backed Tokocrypto Secures PFAK License, Elevating Indonesia’s Crypto Market

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