Another breakthrough has been achieved in the crypto space, as the number of non-zero addresses holding Ethereum smashed ATH of over 60 million on August 30th, 2021 with no signs of slowing down.
As per the recent report of Glassnode, a crypto metric platform, there are now over 60,821,258 addresses holding Ethereum, as this network strongly upholds customer-centric features such as Smart-contracts, NFTs and its recent success on London Hard Fork upgrade, these are the main reasons for this huge increment in Non-zero addresses.
The active Ethereum address count is a great indicator of market demand for the on-chain activity. These rising active address figures typically coincide with signs of an upcoming bull rally in the space. The bullish news for Ethereum comes after the success of the London Hard Fork Upgrade specifically, the EIP-1559 upgrade.
What is EIP-1559 Upgrade?
EIP-1559 aims to upgrade the way transaction fees are estimated. The process is carried out by an automated bidding system with a set fee charge. The fees keep on varying based on the network traffic. Additionally, part of every transaction fee is removed out from circulation. This results in a reduced supply of ether and boosting its price.
How does Non-Zero address figures can further give a push to Ethereum Price Rally?
The second-largest crypto Ethereum performed well this year. ETH price reached an ATH of $3952 by mid-May, due to the market crash the price collapsed to 50% reaching $1980 by mid-July. The Ethereum price made a strong comeback in August with its London Hard Fork upgrade, which further resulted in the study rise of active addresses on the network.
If you look at the historical records, in December 2020, the number of Nonzero Ethereum addresses hit ATH of 50 million, as a result of which Ethereum smashed ATH of $3952 on 10th May.
Ethereum’s price was trading at $3240.75, up by 2.22% in the last 24 hours at the press time. The asset built a strong support level at $3050 and is all set to break the resistance level of $3300. The ETH price is highly could hit $4000, if its value finds support there, then $5000 will be a cakewalk for Ethereum.
Together with an increment in Nonzero addresses, the RSI is also hinting at a strong price rally. The RSI of Ethereum was at 52.93 at the press time indicating that the building strength of the ETH price.