Ethereum price overvalued as number of new holders hits 5-month high

Ethereum continues to struggle near the $3,000 level as repeated attempts to recover lose momentum. ETH is trading just below this psychological barrier, reflecting cautious sentiment.

While investor interest is growing, activity on the chain remains low. This glitch raises concerns that Ethereum’s price could overheat without enough network usage to support gains.

Ethereum holders are on the rise

Ethereum records a continuous growth in the creation of new wallets. The network now averages about 163,000 new addresses per day. This is compared to about 124,000 additions each day during July, which was previously considered the network’s peak period.

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This growth highlights a strong investor curiosity Towards Ethereum Despite the weak price performance. The increase in portfolio construction indicates that demand for exposure remains. However, new titles alone do not guarantee price strength.

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Macro indicators present a mixed picture. The value ratio increases To transactions in the Ethereum network Then. The index is currently at its highest level in 16 months, indicating an eventual warming.

A high NVT ratio indicates that market valuation is growing faster than transaction activity. Optimism about recovery seems to be driving interest, but actual use will follow. Without increased activity in the chain, price advances can stall as valuations exceed fundamentals.

The ETH price has not yet found the strength to escape

Ethereum is trading near $2,986 at the time of writing, just below the $3,000 resistance. This level has been tested repeatedly in recent sessions. The failure to break above it reinforced caution among traders awaiting confirmation.

ETH can continue Consolidate below $3,000 or break briefly without holding support. If transaction activity remains weak, downward pressure may return. In this case, the $2,798 support may be tested again, reflecting unresolved macro imbalances.

Improving conditions can change the outlook. Increase transaction volume Ethereum will help To receive $3,000 in support. Maintaining this level may open a path towards $3,131. If this barrier is crossed, a sustained breakout will invalidate the negative hypothesis and allow ETH to target $3,287, restoring confidence.