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Global ETH Wallet Count Surged By 350% Since 2018: What Does It Mean

ethereum wallet holders eth count

New data on the global ETH wallet count emerged, showing that the number of Ethereum wallet holders surged by 350% ever since 2018. Meanwhile, the Ethereum price action is still not showing any promising updates.

However, the parabolic movement to highs of $290 in February clearly showed that the popularity for ETH in the cryptonews was big. It now appears that there has been a divergence between the cryptocurrency’s technical outlook and the fundamental strength. However, a key data metric suggests that ETH has built immense underlying strength over the past few days.

In fact, the data metric on the global ETH wallet count and the increase of 350% over the past two years is a sign that retail investors have been heavily accumulating the cryptocurrency despite its bland price action.

Currently, analysts covering the Ethereum latest news are noting that the cryptocurrency’s ongoing bout of sideways trading may not last for too much longer – a few factors suggest that it will initiate a massive movement.

Additionally, ETH has been caught with a large bout of consolidation throughout the past several years. It struggled to gain a momentum and ranged between $100 and $300. Now, the cryptocurrency is somewhere in the middle of this number, trading above $210 and preparing for new highs.

What is also important to note besides the global ETH wallet count is the cryptocurrency’s mid-term price action which favored sellers as of lately. ETH has been forming a series of lower lows ever since it peaked at $290 in mid-February this year.

The decline has led to an underperformance against Bitcoin, as ETH posted massive losses against the BTC trading pair over the past several weeks. The Ethereum wallet holders, however, are still optimistic.

Currently, analysts on crypto Twitter are certain that the trend won’t last for much longer. This is why the global ETH wallet count can be seen as a good indicator – and a sign that there might be good days for the Ethereum price ahead of us.

Meanwhile, data from Glassnode indicates that there are 40 million Ethereum addresses holding ETH, and the number is growing by 350% since its price hit an all-time high in the first weeks of 2018.

At last, the global ETH wallet count is an indicator that the largest altcoin out there has seen massive adoption from retail investors despite its lackluster price action.


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