Ethereum Network Usage at All-Time High, Price to Stage a Rebound?


Bitcoin might be seeing some red right now but altcoins are enjoying the time-off the world’s leading cryptocurrency has taken, with Ethereum in the lead.

The second-largest cryptocurrency by market cap continues to trade above $200 while traders on Bitfinex are record long on Ether. It’s not just ETH longs that are at an all-time high but also the long to short ratio.

All of this combined with “ETH Near historic all-time lows, closing in on a two-year consolidation, something is going to snap soon,” said trader Moon Overlord. “I'm with the herd this time and long.”

Besides the market looking good for Altcoins, the fundamentals for Ethereum are also bullish.

For starters, the daily ether gas used on the Ethereum network has hit a new high while Ether price remains near its two-year lows.

“As Ethereum fundamentals continue to strengthen, price could stage a rebound,” stated TradeBlock.

Source: Etherscan

A Steady Growth Unlike Price

As per the data from Glassnode, the Zug-based crypto analytics company, there has been a steady increase in the number of addresses holding Ether.

Since Ether’s price climbed to an all-time high in early 2018, there has been an increase of more than 350% and now 40 million addresses are holding ETH. This parabolic jump in addresses has been despite the ups and downs in Ether prices, which is currently down 87% from its peak.

Source: Glassnode

The growth in the addresses holding 0.01 ETH, 10 ETH, and 100 ETH or more has been the biggest contributor to this new peak of non-zero balance addresses. Addresses with a balance of 10k ETH, 1k ETH, and 0.1 ETH have been relatively flat with those having 1k ETH are trending downwards.

On the Ethereum blockchain, there are a total of 667.83 million addresses, which are up 9.7% YTD.

This growth has been while Ethereum testnet running a version of Ethereum 2.0 upgrade hit a big milestone of 29,300 validators taking more than 1 million ETH. If this Topaz testnet run by Prysmatic Labs was an official real one, it would be worth $214 million.

“The 1MM ETH milestone with high rates of stability give us confidence that ETH2 can handle this level of activity when phase 0 launches later this year,” said Preston Van Loon, CEO of Prysmatic Labs.

Reportedly, the Schlesi testnet was also successful enough to hope for a more official multi-client testnet in June based on 0.12 specs.

Ethereum (ETH) Live Price

1 ETH/USD =$3,535.5958 change ~ -0.31%

Coin Market Cap

$409.34 Billion

24 Hour Volume

$16.31 Billion

24 Hour VWAP

$3.49 K

24 Hour Change

$-11.08

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