Ethereum Research Group numbers have grown by 2,100% since 2019.

The brainpower behind the development of Ethereum has risen over 2,100% in the past five years, a positive sign for the world's second largest blockchain network.

The researchers behind the Ethereum network grew from around 25 in the first quarter of 2019 to around 550 in the first quarter of 2024, a 2,100% increase.

The promising development was shared by Electric Capital engineer Emre Caliscan in an August 29 X Post.

The speed of Ethereum innovation is directly related to the number of individual researchers contributing to the protocol. While the number of researchers will see a slight decline to around 450 developers by the second quarter of 2024, the brainpower behind the world's first smart contract network is strong.

Related: BlaRock-backed Ether ETF flows positive for first time in 2 weeks

Ethereum is the leading blockchain with monthly active developers.

Ethereum remains the leading blockchain in terms of monthly active developers, with a total of 2,788 full-time developers and more than 8,865 total developers as of July 1, according to data from the Developer Report.

Coinbase's Base blockchain ranks second, with 889 full-time developers and 3,991 total developers.

However, Ethereum has seen a 10% drop in developers every year, while Base has seen a 14% increase.

In terms of contract deployments, developers are creating and testing smart contracts, Ethereum is only in sixth place, with 127,702 monthly contract providers, Base in the first place, more than 862,000 contract deployments, according to Token Terminal data.

Related: Ethereum whales buy big as ETH nears bottom, analysts predict

Ether's price has increased 1,200% in the last 5 years, but ETH has been bought at a critical $2.7k

The price of Ether (ETH) has increased over 1,200% in the past five years, while the brainpower behind the network has grown by 2,100%.

Ether's price has risen more than 1,245% in the past five years, from $168 on August 30, 2019, to trade above $2,509, as of 11:51 am UTC, August 31, according to Coinbase data.

This means that a $1,000 investment in Ether five years ago would be worth more than $14,900 at today's prices.

According to Aurelie Barrere, principal research analyst at Nansen, the price of Ether remains stable at $2,700.

The analyst told Cointelegraph:

“2.7k is the next resistance level for ETH, and there is not enough evidence that it has been broken yet, because the price has not stayed above this resistance long enough and long enough.

Other analysts are projecting Ether's rally above $3,000, but it could take until October to see a bullish breakout.

Magazine: Bitcoiners are ‘all in' on Trump since Bitcoin '24, but it's getting dangerous.