Ethereum
$1,554.01 7.97%
ETH · 5w

11 indicators that suggest Ether’s new ATH is just the beginning

With Ethereum inching its way into new all-time highs over the past 24 hours, a number of onlookers believe Ether could quickly surge through the $1,400 price range.

Ethereum’s robust fundamentals are strengthening the conviction that Ether might sail past resistance in the mid-$1,400s, with many pointing to Ethereum’s ever-growing DeFi ecosystem as the force most-likely to propel ETH into price discovery.

On Jan. 19, Spencer Noon of crypto VC fund Variant shared 11 indicators he believes suggests that a parabolic bull-run is nigh. He pointed to the fact taht more than one million unique addresses t have interacted with DeFi over the past eight months.

Unique DeFi wallets: Dune Analytics

Noon adds that monthly DEX volume is currently sitting at an all-time high of more than $30 billion, while more than $20 billion has been deposited into DeFi lending protocols — of which more than $4.5 billion has been issued as currently outstanding loans.

Looking beyond DeFi, Noon also highlights that Ethereum is the top blockchain network by daily fees generated — beating out BTC by more than 50%; the number of daily active Ether addresses has doubled in the past 12 months to reach all-time highs of 550,000; and that nearly $20 billion worth of stablecoins were minted on Ethereum over the past year.

The thread notes that more than $25 billion is currently locked in DeFi, adding that 21 decentralized finance protocols now represent at least $100 million in total value locked each. 

#1: Ethereum continues to dwarf the entire crypto space in terms of fees paid ($7.25m daily avg) -- proving it's the most useful network in the world. pic.twitter.com/t7Co50GukJ— Spencer Noon (@spencernoon) January 19, 2021

Despite Ethereum’s surging fundamentals, Noon notes that the number of Ether transactions valued at more than $100,000 is seven times smaller than during Jan. 2018’s highs, suggesting that “institutions still haven’t entered the game....

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