21milyon.com has reported that Ethereum (ETH) is experiencing a downward trend, with its price dropping below $3,000 following a 3% decrease in the past 24 hours. Currently, the second-largest cryptocurrency is trading at $2,914, reflecting a 13.34% decline over the course of the month. Despite this negative price movement, demand for the token remains unaffected.
Santiment’s Ethereum Report
According to Santiment, an on-chain analytics firm, there has been a significant increase in the number of new users joining the Ethereum network. On April 28 and 29, approximately 266,600 new wallets were created, marking the largest two-day network expansion since October 2022.
Network expansion is a key metric for determining whether a cryptocurrency is attracting interest. The participation of new users demonstrates confidence in ETH’s long-term potential, regardless of short-term fluctuations.
Investor Interest in ETH
Further analysis by Santiment reveals that individual investors are also joining this trend. Wallets holding between 0 and 0.1 units of ETH have significantly increased, even as prices have fallen. On the other hand, wallets holding more than 1 ETH have been selling, as indicated by the decrease in ETH reserves.
These findings indicate strong individual investor interest in ETH, and the influx of healthy entries from this segment could potentially lead to a relief rally in the coming days. Many of these individual customers may have been attracted by the returns offered by ETH staking services.
Data from Glassnode shows that the total ETH stake has risen to 44.24 million, accounting for 36% of ETH’s total circulating supply. Meanwhile, the supply of ETH on exchanges continues to decrease, currently standing at 12.79 million, which represents about 10% of the total circulating ETH cryptocurrencies.
Disclaimer:
It is important to note that the information provided in this article should not be considered investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
