Ethereum Wallets Outnumber Bitcoin Wallets by 3x, A Signal for Price Surge?

▲ Ethereum (ETH) ©Godasol

The number of actual network users of Ethereum (ETH) has overwhelmingly surpassed that of Bitcoin (BTC), fueling expectations inside and outside the market that the platform's massive adoption could drive an explosive price surge in the future.

According to the cryptocurrency media outlet Bitcoinist on May 9 (local time), data from market analysis platform Santiment confirmed that the number of Ethereum holders significantly exceeded Bitcoin holders by approximately 320%. As of April 27, the number of non-empty addresses with a balance on the Ethereum network recorded an all-time high of 189.49 million, completely dwarfing Bitcoin's wallet count of only 59.08 million.

This gap in the user base demonstrates that Ethereum has firmly established itself as a core platform for emerging ecosystems such as decentralized applications, smart contracts, DeFi, and non-fungible tokens, beyond being a mere digital asset. The number of Ethereum holders has surpassed not only Bitcoin but also XRP (Ripple), Cardano (ADA), Dogecoin (DOGE), Chainlink (LINK), as well as the world's largest stablecoins, Tether (USDT) and USDC. The outlet analyzed that an increase in ecosystem participants could lead to increased demand for native tokens, acting as strong upward pressure to break out of the current downtrend.

While major coins are currently undergoing price corrections due to increased selling pressure, some experts are predicting a massive rally for Ethereum. An analyst on social media platform X predicted that if Ethereum breaks through the upper trendline of its multi-year symmetrical triangle pattern, known as the "golden triangle," which has been forming since 2017, its price will surge parabolically. This is a bold forecast that Ethereum, currently trading near $2,200, could short-term break $8,500 and long-term soar to $12,000 to a maximum of $48,000.

Conversely, renowned cryptocurrency expert Ted Pillows presented a more cautious view, pointing to weak spot demand. He diagnosed that because Ethereum failed to hold the $2,400 support level twice, it might continue to underperform the market average for some time.

However, Pillows also left room for a positive reversal scenario. If Ethereum successfully rebounds and decisively reclaims the $2,400 level, it could gain upward momentum towards $2,500 to $2,600, and if it effortlessly breaks through even this resistance zone, a full-fledged bull market towards $3,200 to $3,900 is expected to unfold.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*