Ethereum Welcomes Massive Influx of Unique Addresses Ahead of Merge Upgrade
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The latest milestone achieved by the network is that of the total number of unique active addresses, which has tapped significant highs. Reports show that in 2022 alone, the network has welcomed over 21 million unique addresses, with a daily rate of a jaw-dropping 62,000 wallets per day.
At press time, the total number of unique Ether addresses sits around 204.6 million. Based on the average daily accounts added to the network, it would take about seven days for the total number of unique addresses to reach a record high of 205 million.
To put this achievement into perspective, there were only about 18 million unique Ether addresses in 2017. Consequently, the total number of ETH addresses has increased by 1,036% over the last five years.
If the average growth rate of ETH addresses continues at its current pace, the number of unique addresses will be close to 220 million by the end of 2022.
Key Ethereum Levels to Watch — September 5
Ethereum appears to be on a mild recovery pattern as the second-largest cryptocurrency battles the $1,600 resistance. The bullish rebound is buoyed by the 50-day SMA on my 4-hour chart, putting the immediate support at $1,550.
Ether has yet to show any reactions to the upcoming Merge Upgrade scheduled for next week or even the recent report on the spike in the number of unique addresses on the network. It would be interesting to see how the price dynamics react over the coming days.
In the meantime, the 4-hour stochastic indicator suggests a correction — to $1,550 — might be around the corner as it enters heated conditions.
Meanwhile, my resistance levels are $1,600, $1,700, and $1,800, and my support levels are $1,550, $1,500, and $1,400.
Total Market Capitalization: $981.7 billion
Ethereum Market Capitalization: $194.7 billion
Ethereum Dominance: 19.8%
Market Rank: #2
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