Key Takeaways
- New Ethereum wallet creation has surged to nearly 1 million per week, signaling stronger network adoption and utility growth.
- Whale accumulation and rising scarcity metrics suggest ETH could soon break out of its current range and surpass $2,800.
Ethereum [ETH] is quietly building bullish momentum as several key on-chain metrics show steady improvement. One standout signal is the sharp rise in new wallet creation, which has consistently ranged between 800,000 and 1 million per week since mid-May—up significantly from 560,000 to 670,000 during the same period last year.
This surge in address growth, even as ETH trades in a narrow band near $2,500, suggests strengthening fundamentals and growing network utility. A rising base of active wallets typically reflects deeper adoption and a healthy demand outlook for Ethereum’s ecosystem.
📊 As Ethereum trades right at the $2,500 level, the utility and growth of the network continues looking healthier than ever. The amount of new weekly $ETH addresses created is ranging around 800K-1M per week, compared to about one third less at this point last year. pic.twitter.com/K1nxFBVlqL
— Santiment (@santimentfeed) June 19, 2025
Meanwhile, whale activity appears to be rebounding strongly. Large holder netflows have spiked over 7,400% in the past week following an extended phase of negative flows. This dramatic reversal indicates that big players may be quietly accumulating ETH once again, potentially laying the groundwork for a future supply squeeze if the trend persists.
Technically, ETH has been consolidating between $2,396 and $2,833, respecting an ascending channel. Despite repeated attempts, bulls have yet to overcome the $2,833 resistance, while bears remain unable to drive prices below $2,396. This ongoing price compression often signals an impending breakout—especially as the Stochastic RSI remains low, hinting at a possible reversal with renewed buying interest.
Adding to the bullish picture, speculative behavior in ETH appears to be waning. The 0–1 day Realized Cap HODL Waves have declined after weeks of heightened activity, suggesting short-term traders are exiting and reducing sell pressure. Simultaneously, Ethereum’s Stock-to-Flow ratio has surged to 43.2, indicating rising scarcity amid slowing new issuance.
With new wallets climbing, whales accumulating, and long-term value metrics strengthening, Ethereum may be on the cusp of breaking free from its current range. If buying momentum builds, a decisive move above $2,800 could soon follow.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
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I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
