Ethereum, the second-largest cryptocurrency, is showing a rapid growth in the number of addresses on its mainnet and Layer-2 platforms.

Ethereum: Active Addresses on the Rise

Data from IntoTheBlock reveals that Ethereum has surpassed 5 million active addresses across its mainnet and leading Layer-2 platforms. Ethereum now leads other protocols like Solana and Binance Coin in this metric. However, the increased activity has not positively impacted ETH's price.

General Outlook of Ethereum Layer-2 Solutions

In the Ethereum Layer-2 ecosystem, Coinbase's Base leads in transaction speed and other performance metrics. As of October 2024, the TVL of Layer-2 solutions reached $38.37 billion, with Arbitrum having the highest TVL at $14.06 billion.

Price Expectation of ETH

Ethereum's price is anticipated to rise with the increase in active addresses, although the current trading sentiment is neutral. Analysts expect ETH's price to fluctuate between $2,558.28 and $2,725.58 in October 2024.

The growth in active addresses on Ethereum could foreshadow future price increases, despite the current volatility.