Ethereum Price Today Surges as Wallet Creation Hits New High

Ethereum has recently achieved a notable milestone, hitting a 4-month high in wallet creation. This raises questions about its effect on the market and whether Ethereum is outperforming other Layer 1 (L1) chains.

It’s time to do a simple analysis! Ready?

Surge in Wallet Creation

Yesterday, Ethereum saw a significant increase in wallet creation, with 126,210 new wallets added—the highest number in the past four months. This surge occurred on a Sunday, which is usually a quieter day for crypto activity.

Ethereum Price Action: What You Should Know

Ethereum’s price has been gradually rising. On September 7, it was $2,230.88. By September 8, it had increased to $2,298.80, and it now stands around $2,317.12. However, this price is still below the 30-day Simple Moving Average (SMA) of about $2,544.11.

The last attempt to break above this SMA was on August 24, but sellers drove the price down from $2,768.78 to $2,456.37. On September 2, Ethereum nearly reached the SMA again but was pushed down by sellers. On September 6, it hit a monthly low of $2,225.45. Since then, the price has been recovering slowly.

Active User Statistics: Ethereum vs. Competitors

Currently, Ethereum has around 371,600 daily active users, a 9.2% increase. In comparison, other major L1 chains show different user engagement levels. Solana leads with about 2.32 million daily active users, reflecting a dramatic 157% increase. BNB Chain has around 803,860 active users, with a modest growth of 0.6%.

Ethereum’s recent rise in wallet creation and positive price momentum indicate promising developments. However, despite these gains, Solana continues to lead in daily active users among L1 chains.

Also Read: Binance-Backed Tokocrypto Secures PFAK License, Elevating Indonesia’s Crypto Market

With Solana dominating in terms of daily active users, can Ethereum catch up? Share your predictions for the future of these L1 chains.