This increase in wallet creation reflects expanding user adoption, growing interest from new participants, and rising medium-term demand potential for ETH. Sustained onboarding trends often precede price acceleration, showing that network fundamentals are strengthening even as market pricing lags. Additionally, a variety of decentralized finance protocols and NFT projects are actively attracting new users, further contributing to the expansion of Ethereum’s ecosystem and increasing engagement across multiple on-chain applications.
Despite these on-chain improvements, ETH’s price continues to fluctuate within a $2,800-$3,300 range. Currently, ETH trades around $2,990, with a 24-hour increase of 5.68%. The market shows low volatility, weak short-term trend direction, and a consolidation pattern of lower highs and higher lows. This structure points to indecision rather than weakness, especially when combined with rising network activity. Holder sentiment, which was deeply negative in November, has shifted to neutral-positive territory by mid-December, reflecting fading fear, stabilizing conviction, and easing selling pressure among long-term investors.
Ethereum has defended the $2,860-$2,900 zone multiple times. This, along with strengthening sentiment and ongoing wallet creation, suggests a higher-low structure may be forming, which often precedes trend reversals. If new wallet creation continues at current levels, growing demand could begin to outweigh supply, setting the stage for a breakout from the multi-week range.
