Ethereum Reaches 100 Million Addresses Even While ETH Struggles

• ETH addresses with any balance have surpassed 100 million.
• The altcoin may fall to $1,650, but a recovery won’t take long.

The number of addresses that have at least one pasture Ethereum [ETH] has surpassed the 100 million mark, according to data from IntoTheBlock.

ICYMI: Ethereum broke 100 million addresses with a balance this week. pic.twitter.com/zotzGMIfD8

— IntoTheBlock (@intotheblock) October 22, 2023

How many Worth 1,10,100 ETHs today?

Based on the information released by the crypto insights platform, the jump was due to an increase accumulation of ETH by market players since October 16.

Previous holders return in confidence

For the unfamiliar, a meadow is the smallest unit of Ethereum’s native cryptocurrency. So a simple interpretation of this milestone is that there are now more participants who believe in the long-term potential of the altcoin.

However, on-chain data showed that the growth was not evidence of new entrants to the Ethereum network. This conclusion was based on the trend shown by network growth.

Network growth shows the number of new addresses interacting with a network. At the time of writing, the statistic had dropped to 14,600, which means traction on Ethereum was very low.

Therefore, one can assume that the increase in addresses was largely due to wallets where one has ETH but at some point removed it.

Source: Santiment

Another reason could be related to ETH’s performance in recent times. Although the coin value has increased by 6.93% in the last seven days, it has lost the performance of Bitcoin [BTC].

ETH represents a critical period

Also other altcoins such as Solana [SOL], Polygon [MATIC]And Chain link [LINK] have also outperformed ETH. Looking at its technical status, the ETH/USD 4-hour chart showed the altcoin getting rejected as bulls tried to help it rise above $1,700.

However, the market structure remained bullish support collected at $1,563. Despite the bullish market structure, it is likely that ETH will not continue its uptrend unless a retracement occurs, possibly to $1650.

This claim was due to the Relative Strength Index (RSI). At the time of writing, the RSI was 73.98. While the value of the indicator implies excellent buying power, it is also a sign that ETH is oversold.

Therefore, the price reversal may not stop at $1,688. Rather, it tends to go lower. Meanwhile, the Directional Movement Index (DMI) suggests that a decline in the value of ETH will not last long.

Source: TradingView

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One reason for this was the status of the +DMI (green) and -DMI (red) shown above. At the time of writing, the +DMI was 41.52, while the -DMI was 5.60. Such a large difference implies that bulls were in full control of the market.

The Average Directional Index (ADX) also seemed to support the trend. As a measure of directional strength, an ADX (yellow) below 25 indicates weak directional ability. However, the ADX for ETH was 49.99, meaning the upside has excellent strength supporting it.