Not only has Ethereum soared to its highest price in 30 months, but several on-chain metrics also show that the asset is definitely in the market new bull market.
Ethereum is currently down sharply from its previous and 30-month peak of $620. Even with a drop of around $100 to today’s price of $525, ETH is still up more than 300% since the start of the year.
More than 5 Reasons to Be Bullish on Ethereum
Spencer Noon of DTC Capital has put out some key charts to support the idea that we are definitely in a bullish position for Ethereum.
Active addresses on the network are the first metric as they now have just under 500,000 per day. This is almost double the same time last year.
In terms of fees paid, Ethereum dwarfs everything else in the crypto space with 80 billion gas now being used daily. Analysts exclaim that this is;
“A clear sign that this is the most useful network in the world.”
More than $16 billion of stablecoins have now been issued on Ethereum, a figure that has been parabolic since the start of this year which is a sign that there is huge demand for digital dollars.
The effect of DeFi is huge because, despite a number of rivals and killers appearing this year, Ethereum remains the foundation of the entire ecosystem. Ethereum’s biggest use case has become parabolic as there are now ten times as many DeFi users as there were a year ago.
The total value locked across the DeFi space has surged nearly 2000% since early 2022 to reach $14 billion with five billion dollars plus protocols a sign that the space is maturing.
The amount of Bitcoin tokenized on Ethereum also hit a record high with 152,000 BTC, or $2.7 billion worth at today’s prices wrapped on the Ethereum network.
The DEX effect cannot be ignored as the decentralized exchange on Ethereum has generated $20 billion in volume over the past 30 days. This brings their combined total to $86 billion this year;
“A sign that DEX can compete with the top centralized exchanges.”
Ethereum social sentiment and search is also at its highest level since early 2018 when the mainstream media and the masses started to take notice.
This latest pullback may settle below $500, but there is little doubt it will provide a buying zone for ETH which still has a long way to go.