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

Ethereum's price is nearing a critical technical breakout from a descending wedge, a momentum partly attributed to the December 3rd Fusaka upgrade, which aims to improve scalability and lower Layer 2 costs. Network activity shows significant growth, with the number of new addresses interacting with ETH for the first time jumping by approximately 110% over the past three weeks, averaging 292,000 new addresses daily, driven by seasonal factors and upgrade optimism.

On-chain data also indicates growth among mid-term holders (wallets holding ETH for three to six months), many of whom bought after mid-July and are currently underwater, creating a 'forced holding' behavior that may temporarily reduce selling pressure. However, if ETH prices recover to their break-even points, increased selling risk from this cohort could limit upside.

Technically, ETH is trading near $3,141 within a descending wedge pattern, suggesting momentum compression before a directional move. A successful breakout could target levels above $3,287, but failure to break out could lead to a retest of the $2,902 support level.

(Source：BeInCrypto)