Ethereum continues to demonstrate resilience in a challenging market environment, with its price hovering between the $1,500 support and $1,600 resistance levels. While short-term volatility persists, deeper on-chain metrics reveal a growing foundation of long-term confidence. Most notably, the number of active Ethereum addresses has officially surpassed 100 million — a milestone signaling sustained network adoption and increasing investor interest.
This surge in address growth coincides with broader developments in the crypto ecosystem, including regulatory progress and institutional interest. Despite current price stagnation, these underlying trends suggest that Ethereum may be laying the groundwork for a significant upward movement once market sentiment shifts.
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Ethereum’s On-Chain Growth Defies Market Downturn
Even as Ethereum trades below key bullish indicators, the blockchain itself is experiencing robust expansion. According to on-chain data shared by analyst finelady_p and verified by IntoTheBlock (ITB), the number of addresses holding ETH has been rising steadily over the past several years.
This consistent growth reflects increasing user engagement and long-term holding behavior. More individuals are acquiring and retaining ETH, suggesting strong conviction in its future utility and value proposition. The milestone of 100 million addresses underscores Ethereum's position as the leading smart contract platform and highlights its expanding global footprint.
The momentum has been further accelerated by recent regulatory developments. In particular, the U.S. Securities and Exchange Commission (SEC) approved a series of Ethereum futures exchange-traded funds (ETFs). This decision has boosted institutional confidence and attracted new capital into the ecosystem.
"The rise in active addresses, combined with recent price stabilization, points to positive long-term fundamentals for Ethereum," noted an X user analyzing the trend.
Such macro-level validation helps reinforce Ethereum’s legitimacy in traditional financial circles — a critical factor for sustained adoption.
Whale Activity Signals Accumulation Phase
Another powerful indicator of market sentiment comes from Ethereum’s largest holders — often referred to as "whales." Data from Santiment reveals that addresses belonging to the so-called "billionaire club" — those holding at least 1 million ETH — now control 32.3% of the circulating supply. This marks the first time since 2016 that this threshold has been reached.
High-net-worth addresses have also shown increased activity. On one recent Wednesday, whale transactions exceeding $1 million in value accounted for the second-highest daily volume in five weeks. This surge in large-scale movement suggests strategic accumulation rather than panic selling.
Historically, such whale behavior has preceded major bull runs. As these investors accumulate during periods of low volatility and muted price action, they create the foundation for future breakouts — especially when broader market conditions improve.
👉 See how large investors are positioning themselves ahead of the next bull cycle
Technical Outlook: Bearish Short-Term, Bullish Long-Term
From a technical perspective, Ethereum remains in a consolidation phase. The Moving Average Convergence Divergence (MACD) indicator has dipped into negative territory — below the zero line — reinforcing bearish momentum in the short term.
As long as the MACD line (blue) remains below the signal line (red), traders should expect continued selling pressure. On the weekly chart, ETH is trading beneath a key ascending trendline, placing bulls at a disadvantage.
However, this pullback may serve a constructive purpose. A drop toward the $1,500 support level could allow the market to absorb excess supply and gather fresh liquidity — a necessary step before any meaningful rally.
If support holds at $1,500, Ethereum could stage a strong reversal. Breaking above resistance at $1,600 would be the first confirmation of renewed bullish momentum.
Key Levels to Watch
- Immediate Support: $1,500
- Resistance Zone: $1,600
Bullish Breakout Triggers:
- Clear close above 200-week EMA (~$1,625)
- Breakout above 21-week EMA (~$1,696)
- Sustained move above 100-week moving average
A successful push through these levels could propel ETH toward $2,000 — and potentially set the stage for a run to $3,000 in the next bullish phase.
Why Address Growth Matters
The number of active addresses is more than just a vanity metric — it’s a direct reflection of network health and real-world usage. Unlike speculative price movements, address growth indicates actual adoption.
When millions of users open wallets, transfer funds, interact with dApps, or stake ETH, they contribute to a more decentralized and resilient ecosystem. This kind of organic growth strengthens Ethereum’s fundamentals regardless of short-term price fluctuations.
Moreover, increased address activity often precedes price appreciation. As more users enter the network, demand for ETH rises — whether for transaction fees (gas), staking, or participation in decentralized finance (DeFi) and NFTs.
Frequently Asked Questions (FAQ)
Q: What does it mean that Ethereum addresses have surpassed 100 million?
A: It means over 100 million unique wallet addresses on the Ethereum blockchain currently hold a non-zero ETH balance. This reflects growing adoption and user engagement across DeFi, NFTs, staking, and other use cases.
Q: Is Ethereum still bullish if the price is below $1,600?
A: Yes. While short-term momentum appears bearish, long-term indicators like whale accumulation, address growth, and ETF approvals suggest underlying strength. A breakout above key moving averages could reignite bullish trends.
Q: How do whale movements affect Ethereum’s price?
A: Whales often buy in large volumes during market dips. Their accumulation can stabilize prices and signal confidence. When they eventually sell or transfer assets, it can trigger volatility — but their current behavior suggests preparation for a future rally.
Q: Could Ethereum reach $3,000 in 2025?
A: Based on historical patterns and projected adoption, a move to $3,000 is possible if macro conditions improve and ETH breaks above major resistance levels. Catalysts like spot ETF approvals or increased Layer-2 adoption could accelerate this.
Q: What role do ETFs play in Ethereum’s price outlook?
A: Futures-based ETFs already approved by the SEC increase institutional exposure. A future spot ETF approval could unlock even greater inflows, similar to what occurred with Bitcoin after its spot ETF launch.
Q: Why is the MACD indicator important for ETH traders?
A: The MACD helps identify momentum shifts. Currently bearish due to its position below zero, a crossover above the signal line would signal strengthening bullish momentum — a key watchpoint for traders.
👉 Explore real-time data and tools to track Ethereum’s next move
Final Thoughts
While Ethereum’s current price action may appear range-bound, the broader picture tells a story of quiet strength. With over 100 million addresses now active on its network, rising institutional interest via ETFs, and strategic accumulation by whales, ETH is building momentum behind the scenes.
Short-term traders should monitor key technical levels like $1,500 support and $1,600 resistance. But long-term investors should focus on the bigger narrative: Ethereum is not just surviving the crypto winter — it's growing stronger.
As adoption accelerates and macroeconomic headwinds ease, Ethereum remains well-positioned to lead the next phase of blockchain innovation — and potentially deliver substantial returns to those who stay committed through the consolidation phase.
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