Ethereum News: New address surge hits a five-month high, ETH price approaches $3000 but shows signs of overheating.

Ethereum's price has been fluctuating around $3000 recently, with multiple attempts to break through this key psychological level failing. As of now, the ETH trading price is slightly below $3000, indicating that market sentiment remains cautious amidst macro uncertainty and technical resistance. Although price movement is constrained, on-chain data shows that investor interest in Ethereum is clearly heating up.

From on-chain data, the number of new Ethereum holders is continuously increasing. Currently, the network is averaging about 163,000 new addresses per day, significantly higher than the average level of about 124,000 per day in July. It is worth noting that July was considered a phase peak for the growth of the Ethereum network, and now the number of new addresses has reached a new high, the highest level in nearly five months. This change indicates that although the ETH price is performing weakly in the short term, the market still maintains strong interest in the medium to long-term value of Ethereum.

However, the increase in the number of addresses has not correspondingly translated into an increase in on-chain activity. The trading activity on the Ethereum network remains relatively weak, leading to mixed signals from several macro indicators. Among them, the network value to transaction ratio (NVT) of Ethereum has risen to a 16-month high. An increase in the NVT ratio typically indicates that the speed of market valuation expansion is outpacing the growth in actual usage, often seen as a potential warning sign of overheating prices. This has also intensified market concerns about the sustainability of ETH's short-term price increase.

On the technical side, $3000 has become a key resistance level that Ethereum's price has repeatedly tested but struggled to stabilize. The multiple spikes and retreats have made traders more cautious, and in the short term, ETH may continue to consolidate below $3000, and it cannot be ruled out that it might retest the support area below. If market trading volume remains sluggish, the support level around $2798 may face another test, reflecting that the imbalance between valuation and fundamentals has not been fully corrected.

Looking ahead, the market direction still depends on whether on-chain activity and trading volume can recover in sync. Once trading activity significantly increases, Ethereum's price is expected to stabilize above the $3000 mark and further challenge the $3131 resistance level. If the breakout momentum continues to strengthen, ETH may even reach $3287, thereby reversing the current cautious expectations and revitalizing market confidence. Overall, the surge in the number of new holders provides medium to long-term support for Ethereum, but whether the price can break through in the short term still needs to be validated by fundamentals.