The number of new Ethereum addresses spiked amid the price decline.
There has been a growing interest in Ethereum since the leading blockchain network transitioned from a Proof-of-Work (PoW) algorithm to Proof-of-Stake (PoS).
New investors indicate interest in the asset class, with blockchain data from IntoTheBlock showing a spike in the number of new Ethereum addresses created daily.
Ali Martinez, a popular cryptocurrency analyst, shared the development today on Twitter, saying:
“The number of new $ETH addresses created per day is actually increasing. I was able to confirm this on @intotheblock,” Martinez said.
ETH Price Down Despite Growing Investors’ Interest
According to data from IntoTheBlock, the number of new Ethereum addresses created daily is currently around 1,640. The development suggests a growing adoption of Ethereum while the price of the cryptocurrency continues its downward movement.
ETH has been on a downward slide since Ethereum launched the Merge upgrade, where the network switched from its previous PoW consensus algorithm to the energy-friendly PoS.
Since Ethereum’s PoS transition, the price of the project’s native cryptocurrency has been down 15.6%. At the time of writing this line, Ethereum is currently changing hands at $1,323, down 0.2% in the last 24 hours.
Martinez said the divergence, Ethereum price going down, while the growing number of addresses created on the network indicates a bullish signal for the ETH.
“This divergence (price going down while the network grows) is a bullish sign for ETH,” Martinez noted.
Sorry about that fam!
— Ali (@ali_charts) September 28, 2022
It is noteworthy that a couple of new developments have been reported for Ethereum since the Merge upgrade went live. Top exchange Gemini launched a staking service for the second-largest cryptocurrency. However, the initiative has not stopped Ethereum investors from selling huge volumes of the asset class.
TheCryptoBasic reported that a whopping 250,000 Ethereum coins were sent to Binance in one single transaction. At the same time, another 20,000 ETH were transferred to an address on the FTX exchange a few days before.