Ethereum’s post-Merge sadness may be fading away, but there’s a catch

ambcrypto.com:

After suffering heavy losses due to the sell pressure that emerged from the Merge, it appears that Ethereum [ETH] has been getting back on its feet. According to new data, ETH witnessed a massive spike in terms of network growth, which could be a positive development for the altcoin.

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Here’s AMBCrypto’s Price Prediction for Ethereum for 2022-2023.

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Data from on-chain intelligence platform,Santiment revealed that the network growth witnessed a massive rise. Furthermore, the spike was the largest in terms of network growth since December 2021.

A growth in this metric indicated that the amount of new addresses that transferred Ethereum for the first time witnessed a growth. This implied that Ethereum was gaining traction.

Source: Santiment

According to Glassnode, a crypto analytics platform, the number of new addresses being added to the Ethereum network just reached a four-month high. Additionally, the number of addresses holding more than 1 ETH also observed growth, inferring that investors with deep pockets were moving to the Ethereum network.

The improvement in network growth and the spike in number of addresses indicated that more and more people were showing interest in Ethereum. However, despite the increasing interest in Ethereum, the transaction volume on the network did not witness much growth.

As can be observed from the graph below, Ethereum’s transaction volume witnessed a steep decline. Furthermore, at the time of writing, the Ethereum transaction volume reached a three-month low of 48,640 ETH. 

Source: Glassnode

Along with the declining volume, the