Mapping Ethereum’s road to $5,000 – Time to watch out for these levels?

ETH found critical support at key levels.
Network growth showed more ETH addresses popping up.

Ethereum’s[ETH] price is finding strong support between $3,700 and $3,810, where 3 million addresses have accumulated 4.6 million ETH. This critical accumulation zone reflects growing investor confidence and provides a cushion against potential bearish pressures.

With strong demand-supply dynamics and key Fibonacci levels pointing to $5,000 as a plausible target, Ethereum’s bullish case continues to strengthen.

Support levels and accumulation zones

Analysis of Ethereum’s price trajectory reveals a robust demand zone between $3,700 and $3,810. According to data from IntoTheBlock, approximately three million addresses accumulated 4.6 million ETH around this price range.

Analysis showed that this level emerges as a critical support area, providing a cushion against potential bearish pressures. The strong accumulation here reflects investor confidence and hints at the possibility of sustained bullish momentum.

Ethereum network growth reaches new highs

According to an analysis of the Ethereum network growth on Santiment, there has been a significant increase. The analysis showed an average of 130,200 new wallets created daily in December.

This marks an 8-month-high, indicating renewed interest in ETH as it garners attention from both retail and institutional participants.

Source: Santiment

Furthermore, this uptick in wallet creation suggests that Ethereum’s network activity is expanding, reinforcing the idea of a growing user base and heightened transactional activity.