The Ethereum (ETH) price is currently consolidating as the combined crypto market cap slipped to $1.06 trillion after a 1.08% slump. At the time of writing, Ethereum is changing hands at $1,628.35, down 1.33% over the past 24 hours, but the coin still maintains a 2.98% rise in the past week.
While the latest Ethereum price analysis by U.Today suggests market bulls can take advantage of the current trend to restock their Ether bags, a number of on-chain trends can help revive the price if they are sustained.
According to on-chain analytics platform Glassnode, the number of non-zero addresses hit a new all-time high (ATH) of 93,530,348. This data shows more retail investors are stacking up on the digital currency, a trend that can subtly help pump the price of Ether if sustained.
📈 #Ethereum $ETH Number of Non-Zero Addresses just reached an ATH of 93,530,348— glassnode alerts (@glassnodealerts) February 6, 2023
View metric:https://t.co/beS1MtIgAZ pic.twitter.com/XvjWgARE1T
While the number of small Ethereum holders is rising, the analytics platform also shows new addresses are making their way onto the network. Per the on-chain data, the new addresses topped a one-month-all-time high of 2,971.881 earlier today.
Riding on its deflationary feature
Since the start of the year, the crypto industry has benefited from an immense surge in investors looking to recoup losses incurred with the implosion of the FTX Derivatives Exchange. Besides the new address count and growing retail presence, Ethereum is also set to benefit from its deflationary status in the mid- to long term.
With the growing activities of smart contracts on Ethereum, the total burn rate for Ether spent as fees are growing, and this trend is bound to continue as more protocols launch leveraging the forthcoming Shanghai hard fork.
With advanced security and usability all sandwiched within responsible energy utilization, Ethereum is billed to see further adoption that may translate to price growth in the near future.