Ethereum’s New Holder Count Jumped 110% Since December’s Fusaka Upgrade

Core Insights - Ethereum price is nearing a critical technical moment, trading close to the upper boundary of a descending wedge, indicating potential for a breakout [1][9] - The recent Fusaka upgrade, aimed at improving scalability and reducing Layer 2 costs, is a significant factor driving this momentum [1] Market Activity - Ethereum network activity has surged, with new addresses increasing by approximately 110% over the past three weeks, now adding around 292,000 new addresses daily [3][5] - This rise in address creation is often a precursor to increased transaction demand, suggesting expanding user participation [5] Holder Dynamics - HODL Waves indicate growth among mid-term holders, with many entering positions between July and October 2025 [6] - Current holders from early July are in profit, while those who bought after mid-July are experiencing losses, leading to forced holding behavior that may reduce selling pressure [7] Price Dynamics - As Ethereum approaches break-even levels for mid-term holders, there is an increased risk of selling, which could limit upside potential unless new capital enters the market [8] - The price of ETH is currently around $3,141, indicating it is close to a potential breakout from the descending wedge structure formed in early November [9]