The number of Ethereum holders increased by 110% in three weeks

The price of Ethereum ETH $3,231.11 Bridged Ether (StarkGate) 2.66% Market capitalization $76.42 million VOL. 24 hours $1.21 billion is approaching an important technical point: it is trading near the upper limit of an ascending wedge, which could lead to an upward breakout. The slow but steady growth of ETH has brought it almost to the level from which strong movements often begin. Many traders attribute this positive momentum to the Fusaka update, which went live on December 3 and is aimed at increasing network scalability and reducing the cost of transactions at the Layer 2 level.

Dozens of data points show an increase in activity on the Ethereum network over the past three weeks. The number of new addresses interacting with ETH for the first time has increased by about 110%, to about 292,000 new addresses per day. This may be a result of seasonal factors (Christmas and New Year) and general optimism related to Fusaka. Rapid growth creates the preconditions for increased transaction demand, deeper liquidity, and better price stability during volatile periods.

Wallet analytics show changes in the behavior of ETH holders. HODL Waves indicate an increase in the share of medium-term holders (holding ETH for three to six months), who mainly bought coins between July and October 2025. Early buyers in early July are now making a profit, while those who bought later are still in the red. This creates the so-called «forced holding»: many holders do not sell, waiting for the price to recover, which temporarily reduces the sales pressure.

The technical structure of the chart has continued to form a downward wedge since early November, and now ETH is close to its upper limit, trading at around $ 3,141. This formation often precedes a trend expansion. If a breakout occurs, the theoretical target for the rise is around $ 4,061 (about 29.5% above the current price). However, more realistic scenarios are considered to be overcoming the levels of $ 3,287 and $ 3,447 in the short term under conditions of strong demand.

At the same time, there are risks in the market. If overall macroeconomic conditions deteriorate or there is no breakout, the price could fall back below $ 3,000 with a possible test of support at $ 2,902. Such a development would strengthen consolidation within the current range and delay a significant breakout.