Ethereum (ETH) Pulled off Stunning Comeback in Key Network Metric

Ethereum ETHUSD is in a frantic race to revive its ecosystem’s optimism regarding its performance and future potential. In the latest boost, top market analyst Ali Martinez shared a chart showing how Ethereum has inked the biggest network growth in over a year. The protocol saw its new address count jump by 139,560 on April 29.

Ethereum needs major facelift

Current market outlook shows that Ethereum’s price has lost more than 11% of its value in the past month alone. Besides this price slump, there has been a relatively more erratic performance within the Ethereum ecosystem as congestion challenges are yet to abate.

While retaining its ranking as the dominant decentralized finance (DeFi) protocol, Ethereum needed a major facelift that could return the sentiment. The visible metric of address count forms a good start as it shows the protocol is regaining the dominance it is gradually losing as a utility-focused smart contract.

Per the chart insight from Ali Martinez, the 139,560 addresses were opened at the price mark of $3,214.14. With the price of Ethereum dropping as low as $2948.46, a major discount window has been created for these new market entrants to make their first Ethereum purchases.

#Ethereum just witnessed its biggest network growth in over a year! Around 139,560 new $ETH addresses were created on April 29. pic.twitter.com/9hJRt3Jp8k— Ali (@ali_charts) May 1, 2024

This outlook is further proof that the current Ethereum price drawdown has a basic bullish network fundamental that can trigger its reversal.

Ethereum ETF – Is approval in view?

The emergence of a spot Ethereum ETF is one major ecosystem boost that the market has been waiting for for a while now. With VanEck and Ark 21Shares’ filings set for final decisions this month, a positive ending would create a major toppling impact on the market.

However, chances of approval are notably low, considering the U.S. SEC is looking at designating Ethereum a security. Speculation is heating up negatively as the odds projected for approval by market experts remain low.

The dynamic network activity growth, however, can help return the coin to its winning ways in the coming weeks.