ETH Non-Zero Addresses Reach A New High As ETH 2.0 Deposits Soar – Is Ethereum Saved?


ETH Non-Zero Addresses Reach A New High As ETH 2.0 Deposits Soar 

Ethereum (ETH), the second-largest cryptocurrency by market cap and price, has had a rough week. On the pricing front, things are becoming a little tangled as the bears try to trample on the prior gains. According to CoinMarketCap, ETH is now trading at $2,359 at the time of writing. The coin has a market capitalization of $285.7 billion.

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The Battle For Main Support

While the market size remains strong in comparison to prior years, the Ethereum community is experiencing price losses. For the past several days, ETH has been losing its grip, and investors are concerned that they may be forced to sell at a loss. In fact, even at this bleak time, recent research reveals that most retail investors are preferring to remain away from the ETH bag. This shows that Ethereum investors are becoming increasingly concerned.

For one thing, ETH's slipping hold on its most key support level, $2,400, may have reinforced this sense of pessimism. Within this level, there are around 687,000 addresses holding over $14 million in ETH currency. A break below this level might exacerbate bearish sentiment and push the price down to $1,700.

Loss of Addresses

According to Glassnode's latest data, over 26.5 million ETH addresses have already been lost. This indicates that if owners sell now, they will lose money. This is the highest figure in the last two years.

Can Ethereum be saved by ETH 2.0?

While the price may not be appealing to investors, Ethereum is outperforming in other areas, which is a positive thing. According to a Glass node report, ETH 2.0 deposit contracts have set a new high of 12, 528, 338 ETH coins. This is a wonderful step, especially given the present market volatility. It remains to be observed if this event will have an impact on the pricing trend.


 Non-Zero Addresses Have Increased

Despite the unfortunate price drop, there is some good news for the Ethereum community. The Ethereum network has hit an all-time high of 80,368,821 non-zero addresses. This is also a positive thing. It indicates that the network's user base is expanding, even if the addresses only carry a small number of users.


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