Meanwhile, ETH continues to struggle below $3,000.
After months of sporadic and largely declining network activity atop the world’s second-largest blockchain, the creation of new wallets on Ethereum has regained momentum over the past week.
At the same time, some popular cryptocurrency analysts claimed that ETH could be on the verge of a substantial breakout towards $3,700.
ETH wallet creation resumes
CryptoPotato reported earlier this week that Ethereum network activity has fallen to a yearly low, indicating a distinct lack of retail participation. The number of active shipping addresses dropped to 170,000, which historically shows that retailers have either left the market or are unwilling to transact.
Such declines are usually observed after the underlying asset has corrected for a long time, which has been the case with ETH for several months in a row. However, they can also show the exhaustion of sellers with new demand that is about to revive as the number of active addresses starts to rise.
More recent data from Santiment shows that this has been the case a number of times in the past two weeks. On December 2, the number of newly created ETH wallets shot up to over 197,000, while the figure for December 15 is over 195,000. These levels are even higher than the highs in July, shortly before the asset took off and jumped to a new ATH of almost $5,000.
📈 Ethereum is seeing an increasing number of new wallets being created on its network. The second market capitalization sees an average of 163,000 new addresses per day, compared to 124,000 in July.
🔗 Follow the network growth for $ETH here, or switch between other items. 👇https://t.co/ZTePj1yO2I pic.twitter.com/h0HBXD4zYm
— Santiment (@santimentfeed) December 19, 2025
ETH will catch investors off guard?
ETH’s price fell below $3,000 and $2,900 earlier this week, but it has managed to regain the latter and is on the verge of doing the same with the previous milestone. Some analysts remain optimistic that there is a big bounce in the asset’s charts, with Merlijn The Trader saying: “This Ethereum move will catch everyone off guard.”
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He compared the current setup of the 2015-2018 parabolic rally, showing that reaccumulation in recent months could open the door for another ETH spike against BTC. The largest altcoin is trading around 0.03 against bitcoin, but its projection shows a potential rise to 0.12 – a level last seen in 2017 and 2018.
CW’s analysis showed ETH’s performance against the dollar, saying the asset is “gathering energy after a trend reversal” that could see it fly to the next big selloff at $3,700.
$ETH gathers energy after a trend reversal.
It could quickly rise to 3.7k. I’m just waiting for the right moment. https://t.co/cKOA9wQNrY pic.twitter.com/PiC2ddMEj4
— CW (@CW8900) December 20, 2025
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