Key Points

• Ethereum addresses have surged to over 200,000 daily, despite a 5.57% price drop.
• Non-zero Ethereum addresses have reached 136 million, indicating a growing adoption of the ecosystem.

Despite a recent 5.57% price drop to $3,051, the creation of new Ethereum (ETH) addresses has surged to over 200,000 daily.

This is a significant milestone for Ethereum’s network metrics, which reached a 27-month peak in January 2025.

ETH Price Action and Technical Overview

At press time, the ETH/USD pair was trading at $3,051.36, marking a notable decline.

The 50-day (3,452.83) and 200-day (2,988.11) moving averages maintained a bullish structure, despite a retreat below the 50-day MA.

Trading volume stood at 75.74K ETH, indicating substantial market participation.

The Chaikin Money Flow (CMF) indicator reading of -0.04 suggested a slight bearish bias, although it remained near neutral territory.

This technical setup reflects short-term selling pressure, while maintaining a longer-term bullish market structure.

Network Growth Analysis

Data analysis revealed a spike in new Ethereum addresses, reaching approximately 200,000 between the 24th and 25th of January.

This surge represents an increase from the average daily creation of 100,000-120,000 addresses observed throughout most of 2024.

The spike in new Ethereum addresses coincides with increased market volatility, suggesting that price action may be attracting new market participants.

Historical data shows similar patterns of address growth during periods of price discovery and market uncertainty.

The number of Ethereum addresses holding a non-zero balance has consistently increased, reaching 136 million in January 2025.

This balance has shown remarkable resilience, continuing its growth even during periods of price decline, indicating strong network adoption.

The steady increase in non-zero Ethereum balance addresses, contrasting with the more volatile price action, suggests a growing foundation of long-term holders and users.

This divergence between price and adoption metrics often precedes significant market movements.

The combination of surging new addresses and steady growth in non-zero balance holders presents an interesting market dynamic.

While Ethereum’s price action showed short-term weakness, the underlying network metrics suggested growing adoption and potential accumulation at current levels.

This contrast between price action and network growth could indicate a potential divergence that historically has preceded significant market movements.

The sustained increase in network participation, particularly during price corrections, often signals growing market maturity and potential institutional interest.