Type to search

Ethereum Network Hits Massive Milestone as Analyst Eyes 200% Rally

Uncategorized

Ethereum Network Hits Massive Milestone as Analyst Eyes 200% Rally

Share


Since the all-time highs that were seen at the start of 2018, the price of Ethereum has collapsed dramatically. From the $1,430 highs, the asset is now down approximately 85%, trading at $240 as of the time of this article’s writing.

Despite the utter collapse in the market, the underlying network has seen dramatic growth. Data now shows that the number of Ethereum accounts has surpassed a key milestone: 100 million.

Related Reading: The Ongoing Miner “Feeding Frenzy” Is Bullish for Bitcoin in the Long Run

Ethereum Bags Key Milestone as Usage Increases

According to Mythos Capital’s Ryan Sean Adams, the number of Ethereum addresses/accounts hit 100 million last week, just five years after the network was launched. Notably, the existence of 100 million addresses does not mean that 100 million people have used that cryptocurrency.

This milestone shows that adoption is taking place, even though it may be slower than some expected.

“World powers will be forced to adapt. This is the next wave of the internet. 100m bankless bank accounts,” Adams wrote with excitement on the matter.

Adams’ observation comes shortly after Spencer Noon, the head of crypto-native investment fund DTC Capital, identified 10 on-chain trends suggesting Ethereum is on bull market footing. Some of those are as follows:

  • The number of daily active ETH addresses recently reached a two-year high — the highest value since the 2018 bull market.
  • Ethereum miners are now collecting a vast amount of fees.
  • Ethereum-based finance applications are starting to absorb vast amounts of value.

Ethereum’s achievement of the 100 million account milestone comes on the back of a number of undercurrents pushing the usage of the network higher, such as growth in decentralized finance and in stablecoins.

Technical Trends Also Bullish

The technical trends of Ethereum are also bullish.

As reported by NewsBTC, Brave New Coin’s Josh Olszewicz shared the chart seen below just this weekend. It shows that Ethereum has entered into a key Ichimoku Cloud resistance for the first time ever.

Referencing how the asset is likely to rally to the other end of the resistance in a so-called “end-to-end move,” Olszewicz opined:

“One-week Ethereum chart. End to end to $750 triggers within the next few months probably.”

Chart of Ethereum’s macro price action from Brave New Coin analyst Josh Olszewicz.

Chart of Ethereum’s macro price action from Brave New Coin analyst Josh Olszewicz.

According to Olszewicz, who is a specialist at Ichimoku Cloud analysis, the way in which the cloud is formed is likely to act as a “price magnet” pulling it to $750. Such a move would mean that Ethereum has retraced 50% of the “established range” while also satisfying “Dow Theory.”

Similarly bullish, Dan Tapiero — the CEO of DTAP Capital — shared on June 3rd that Ethereum is “on [the verge] of explosive upmove.” He noted how the cryptocurrency is about to break out of a downtrend that constrained price action over the past year, from the 2019 highs to the 2020 highs.

Related Reading: Crypto Tidbits: $200M of Bitcoin Liquidated, Ethereum DeFi Adoption Limited, Bloomberg Is Bullish
Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Ethereum Network Hits Massive Milestone as Analyst Eyes 200% Rally





Source link

Leave a Comment

Your email address will not be published. Required fields are marked *

Next Up