Ethereum (ETH) is in a frantic race to revive its ecosystem’s optimism regarding its performance and future potential. In the latest push, top market analyst Ali Martinez shared a chart showing how Ethereum has achieved the highest network growth in over a year. The protocol saw its new address count increase by 139,560 on April 29.
Ethereum (ETH) is in a frantic race to revive its ecosystem’s optimism regarding its performance and future potential. In the latest push, top market analyst Ali Martinez shared a chart showing how Ethereum has achieved the highest network growth in over a year. The protocol saw its new address count increase by 139,560 on April 29.
Ethereum needs a major facelift
Current market outlook shows that the price of Ethereum has lost more than 11% of its value in the last month alone. In addition to this price drop, there has been relatively more erratic performance within the Ethereum ecosystem as congestion challenges have yet to subside.
While retaining its ranking as the dominant decentralized finance (DeFi) protocol, Ethereum needed a major facelift that could restore sentiment. The visible address count metric is a good start, as it shows that the protocol is regaining the dominance it is gradually losing as a utility-focused smart contract.
According to Ali Martínez’s chart, all 139,560 addresses were opened at the price of $3,214.14. With the price of Ethereum falling to $2,948.46, a significant discount window has been created for these new market participants to make their first Ethereum purchases.
This outlook is further proof that the current Ethereum price decline has a basic bullish network foundation that may trigger its reversal.
Ethereum ETF: Approval on the horizon?
The emergence of an Ethereum spot ETF is a major boost to the ecosystem that the market has been waiting for for some time. With VanEck and Ark 21Shares filings scheduled to make final decisions this month, a positive ending would create a major impact on the market.
However, the chances of approval are remarkably low, considering that the US SEC is considering designating Ethereum as a security. Speculation is intensifying negatively as the expected chances of approval by market experts remain low.
However, dynamic growth in network activity may help the coin return to its winning path in the coming weeks.
