Ethereum

2024

April

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<p dir="ltr">Ethereum (ETH) is in a frantic race to revive its ecosystem’s optimism regarding its performance and future potential. In the latest boost, top market analyst Ali Martinez&nbsp;<a href="https://twitter.com/ali_charts/status/1785803536111902734" rel="noopener noreferrer nofollow">shared</a> a chart showing how Ethereum has inked the biggest network growth in over a year. The protocol saw its new address count jump by 139,560 on April 29.</p>
<h2 id="ethereum-needs-major-facelift">Ethereum needs major facelift</h2>
<p dir="ltr">Current market outlook shows that Ethereum’s price has lost more than 11% of its value in the past month alone. Besides this price slump, there has been a relatively more&nbsp;<a href="https://u.today/solana-sol-stablecoin-transaction-growth-spotlighted-by-visa" rel="noopener noreferrer nofollow">erratic performance</a> within the Ethereum ecosystem as congestion challenges are yet to abate.</p>
<p dir="ltr">While retaining its ranking as the dominant decentralized finance (DeFi) protocol, Ethereum needed a major facelift that could return the sentiment. The visible metric of address count forms a good start as it shows the protocol is regaining the dominance it is gradually losing as a utility-focused smart contract.</p>
<p dir="ltr">Per the chart insight from Ali Martinez, the 139,560 addresses were opened at the price mark of $3,214.14. With the price of Ethereum dropping as low as $2948.46, a major discount window has been created for these new market entrants to make their first Ethereum purchases.</p>
<blockquote>
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> just witnessed its biggest network growth in over a year! Around 139,560 new <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> addresses were created on April 29. <a href="https://t.co/9hJRt3Jp8k" rel="noopener noreferrer nofollow">pic.twitter.com/9hJRt3Jp8k</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1785803536111902734?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 1, 2024</a>
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<p dir="ltr">This outlook is further proof that the current Ethereum&nbsp;<a href="https://u.today/ethereum-sees-bearish-divergence" rel="noopener noreferrer nofollow">price drawdown</a> has a basic bullish network fundamental that can trigger its reversal.</p>
<h2 id="ethereum-etf-is-approval-in-view">Ethereum ETF - Is approval in view?</h2>
<p dir="ltr">The emergence of a spot Ethereum ETF is one major ecosystem boost that the market has been waiting for for a while now. With VanEck and Ark 21Shares' filings set for final decisions this month, a positive ending would create a major toppling impact on the market.</p>
<p dir="ltr">However, chances of approval are notably low, considering the U.S. SEC is looking at designating&nbsp;<a href="https://u.today/sec-boss-has-long-viewed-ethereum-as-a-security-new-filing-reveals" rel="noopener noreferrer nofollow">Ethereum a security</a>. Speculation is heating up negatively as the odds projected for approval by market experts remain low.</p>
<p dir="ltr">The dynamic network activity growth, however, can help return the coin to its winning ways in the coming weeks.</p>

Ethereum (ETH) Pulled off Stunning Comeback in Key Network Metric

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