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Ethereum‘s price continues to display notable weakness and volatility, recording bearish monthly performances in the past few months. Despite the prolonged waning price movements, the network has experienced an uptick in activity, with investors significantly flocking to the blockchain.
Surge In Ethereum New Adoption Rate
Even though Ethereum’s price has faced notable bearish pressure, the network is witnessing a fresh wave of adoption. In a recent X post, world-leading market intelligence and on-chain data platform IntoTheBlock revealed a sharp uptick in ETH’s new users adoption rate.
According to data from the on-chain platform, Ethereum’s new user adoption rate rose to 40% last week, a clear sign of participant growth. This advancement comes amid a broader market realignment, signaling a resurgence of interest in Ethereum’s underlying technology and real-world utility.
Such an uptick in new user adoption signals robust interest in the ETH network from first-time users. Considering the current market environment, this demonstrates growing interest that goes beyond speculation.
With an inflow of first-time users adopting the network at a rapid rate, this growth might pave the way for ETH’s price trajectory. It could spark increased demand for the altcoin, allowing it to gain more traction in the short term, and move toward the upside.
Recent news regarding Ethereum’s upgrade from its founder, Vitalik Buterin, has also triggered renewed optimism among institutional and retail players about the altcoin’s long-term potential.
On Sunday, Vitalik Buterin proposed a RISC-V upgrade to replace the Ethereum Virtual Machine (EVM) protocol, a development believed to influence ETH’s price and spark a huge rally to new all-time highs. The upgrade is set to modernize the network’s execution layer, targeting better scalability and lower costs.
Furthermore, it will address performance issues and lessen the difficulties faced by developers when utilizing the network. It is believed to future-proof the network and keep it at the forefront of smart contracts.
With this upcoming upgrade, Ethereum could be set to enter a new era of bullish performance. Many crypto analysts like Ash Crypto stated that the upgrade may finally serve as a springboard for the $10,000 target in the long term.
ETH’s $10,000 Possibility Increase
Market expert and investor Trader Tardigrade’s recent analysis has offered another view into ETH’s current price action, highlighting a potentially massive leg-up in the upcoming months. While the altcoin has lagged behind its competitors, the expert revealed that the correction is part of a larger trend toward a new all-time high.
After examining past trends, Trader Tardigrade predicts that ETH’s price is set to hit $10,000 this cycle, debunking the trend into 3 phases. Phase A represents a markdown phase, Phase B represents a recovery phase with a breakout to the trendline, followed by a retest on the same trendline, and Phase C represents the mark-up phase, where prices explode.
Currently, ETH has entered phase C, which he believes will lead to the most aggressive uptrend since 2022. At the end of phase C, the altcoin’s price is expected to hit the $10,000 level.
Featured image from Pixabay, chart from Tradingview.com
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