Ethereum Network in Notable Milestone, Eyeing 200% Rally
The price of Ethereum (ETH) has crashed dramatically since the all-time highs seen during the start of 2018. From the highs of $1,430, the asset is currently down for about 85%, trading at $240.
Even with the utter collapse in the market, the underlying network has shown intensive growth. In data, it shows that the number of Ethereum accounts has exceeded a key milestone, 100 million.
Based on Mythos Capital’s Ryan Sean Adams, the number of Ethereum accounts/addresses reached 100 million last week, five years following the launching of the network. Nonetheless, the existence of 100 million addresses does not indicate that 100 million people have used the said cryptocurrency.
Instead, this milestone means that adoption is happening, despite the fact that it might be slower than what others expected. With excitement, Adams noted, “World powers will be forced to adapt. This is the next wave of the internet. 100m bankless accounts.”
In addition to that, the observation of Adams came out shortly after Spencer Noon – head of crypto-native investment fund DTC Capital – discovered ten on-chain trends. And it is signaling that Ethereum is on the bull market footing.
Now, some of those are: the number of daily active ETH addresses lately hit a two-year high, the highest value since 2018 bull market; Ethereum miners are recently collecting a massive amount of fees. And ETH-based finance applications are beginning to adapt enormous amounts of value.
The recent achievement of Ethereum with 100 million account milestone arrives on the back of several undercurrents. This pushes the usage of the network higher, like growth in decentralized finance and stablecoins.
Bullish Technical Trends
Ethereum’s technical trends are also bullish.
According to a report of NewsBTC, Brave New Coins’ Josh Olszewicz disclosed a chart this weekend. And it displays that Ethereum has entered into a key Ichimoku Cloud resistance for the first time in the record.
Then, referencing how the asset might rally to the other end of the resistance in a so-called end-to-end move, Olszewicz believes that in the one-week Ethereum chart, the end-to-end at $750 would trigger probably within the next few months.
Olszewicz is a specialist at Ichimoku Cloud analysis. And he explained that the way in the cloud is forming might act as a price magnet, pulling it to as high as $750. Aside from that, this move would indicate that Ethereum has retraced 50% of the established range. At the same time, it also satisfies the Dow Theory.
Furthermore, Dan Tapiero, who is similarly bullish and the CEO of DTAP Capital, has shared some of his thoughts last June 3. He said that Ethereum is on the edge of another explosive uptrend. Also, the CEO shared how the cryptocurrency is nearly breaking out of a downtrend. This constrained the price action during the past year, from the 2019 highs through the 2020 highs.
Elsewhere, and another fun fact for Ethereum is that its projects include WBTC and imBTC that holds 70% more bitcoins compared to Lightning or Liquid.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. Subscribe now and receive FREE updates on the market today!