ETH Non-Zero Addresses Reach A New High As ETH 2.0 Deposits Soar.
Ethereum (ETH), the second largest crypto both by price and market, hasn’t had a good week. Things are getting messy on the price front as the bears seek to trample down on the previous gains. At the time of this writing, ETH is trading at $2,359, according to data from CoinMarketCap. The coin posts a total market cap of just around $285.7 billion.
Struggle For The Main Support
While the market cap is still impressive compared to previous years, the Ethereum community is having a bad time in terms of price gains. ETH has been losing its grip for the past few days, and people are worried that they might have to bail out at a loss. In fact, recent studies show that most retail investors are choosing to stay away from taking the ETH bag, even at this bearish moment. This indicates a growing sense of uncertainty among Ethereum investors.
For one, this sense of despair may have been fueled by ETH’s failing grip on its most important support level which stands at $2,400. More than 687,000 addresses exist within this level, holding close to $14 million worth of ETH coins. A downward breach from this level could increase bearish sentiments and send the price back to $1,700.
Addresses In Loss
Recent data from Glassnode shows that over 26.5 million ETH addresses are already in the loss zone. This means that if owners decide to sell now, they’ll make a loss. This is the highest this number has reached in two years.
Can ETH 2.0 Save Ethereum?
While the price front may not look very inviting for investors, Ethereum is scoring hugely in other areas, and that’s a good thing. A Glassnode report reveals that ETH 2.0 deposit contracts have reached an All-Time-High of 12, 528, 338 ETH coins. This is positive development especially considering the current turmoil in the market. Whether this development will have a bearing on the price trend is yet to be seen.
Increase In Non-Zero Addresses
Despite the saddening price crash, there is still good news for the ETH community. The number of non-zero addresses in the Ethereum network has reached an ATH of 80,368,821. This is a good thing as well. It means that the network’s user base is growing, even if the addresses hold minimal amounts.