5 key metrics signal Ethereum price is ready to make a new 2020 high
Ethereum price is closing in on $600 and multiple metrics suggest the top altcoin is ready to notch a new 2020 high. Ether (ETH) price might have had a disappointing week after its price failed to hold the $600 level, but the fundamentals of the network and cryptocurrency remain solid. Traders are known for having short memories so it’s worth mentioning that Ether price is still 45% higher than it was in the previous month.To understand whether the recent correction reflects a temporary consolidation or an effective ceiling caused by the lack of adoption, it’s helpful to gauge the metrics....
Related News
Consistently full blocks are the primary reason that gas prices have reached all-time highs. A report by analytics provider Coin Metrics has delved into the world of Ethererum transaction fees noting that they’re still at highest-ever levels and even a much touted approaching network upgrade is unlikely to alleviate the problem.According to the Ethereum Gas Report by Coin Metrics, median fees on Ethereum have been consistently over $10 for most of 2021. Comparatively, the average Ethereum transaction fee reached just $5.70 at the height of the 2017/2018 bull run.It attributed some of this....
Dogecoin is definitely on a rally as shown by crypto market numbers. The cryptocurrency has experienced a significant market increase amidst a wider consolidation, with the price up by 7.46% in the past seven days. Although the price of DOGE was recently pushed back down today by some level of resistance near $0.087, it has since bounced back up again at $0.082. At the time of writing, DOGE is trading at $0.084, an increase of 2.4% from this support level. This indicates that the bulls are not ready to give up buying momentum. According to a recent post by crypto analyst Rekt Capital on....
This week the research and analysis team Coin Metrics published a report on how decentralized finance (defi) is “fueling Ethereum’s growth.” Meanwhile, the researchers also highlighted that Ethereum’s cumulative transaction fees in 2020 are now over $350 million and more than double the aggregated total of Bitcoin’s network fees. Coin Metrics researchers and Nate Maddrey published a new report that discusses Ethereum’s defi evolution and the growth the blockchain has seen this year. However, with the new demand Coin Metrics highlights that ETH fees have....
While the price of bitcoin has spiked to levels not seen in three years a number of other factors show that the current run-up is similar to the 2017 bull run. Active bitcoin addresses have neared all-time record highs, while the network’s hashpower has remained high as well coasting along at 130 exahash. Moreover, bitcoin derivatives markets have crossed record levels as well as open interest in options, and futures have never been so high. Following a 1,079 day wait, on November 30, 2020, BTC broke its record price high that was recorded in mid-December 2017. Since then, BTC has....
Ethereum has seen shaky price action over the past few weeks, failing to pass notable technical levels. BTC currently trades for $13,800 despite Ethereum only trading for $390. Analysts think that Ethereum may resume its ascent shortly. One analyst noted recently that Ethereum has seen its fourth-ever bullish TK re-cross above the Ichimoku Cloud. Ethereum Could Soon See Rally as Crucial Bull Signal Forms Ethereum has seen shaky price action over the past few weeks […]