The Sunday Chart – ETH Price vs New Daily Addresses
The chart is here – https://imgur.com/E6YvAzX
We've now had the longest and steepest decline in new daily addresses in nearly 18 months. Meanwhile, the price is holding up – the pattern is similar to what we saw last summer, where the price ticked (well) above 300, fell back, then recovered to hover at 300 for a couple of months. Now it's doing that at 850.
But not for long I think. The good news coming from the Ethereum developers and the financial community, as well as the regulatory noises coming from governments and central banks, all bode well.
These are reflexive indicators, so either can lead the other. The next rally, I predict, will be price led – the price will pick up sharply, and the wallet numbers will follow.
The question is: what will be the next price trigger? Movement on Casper? A killer app? A flood of buying from institutions? Commercial banks offering retail wallets? Exciting times!