• Ethereum has engaged massive demand with nearly $7 billion in fees paid, settling over fifteen times the value of PayPal daily. 
  • Over 200,000 Bitcoins worth $11.2 billion have been represented in Ethereum in various ways, implying a rising inflow in the altcoin. 
  • Analysts predict a massive spike in Ethereum post the merge, believing ETH is undervalued. 

Ethereum price is on track to break out as analysts eye a $10,000 target for the altcoin. The utility and adoption of Ethereum have picked up pace over the past year, with rising capital inflow and on-chain activity. 

Analysts believe Ethereum price is on track to $10,000 

Ethereum has dwarfed its rivals with the rising capital inflow to its blockchain. The current run rate is nearly $7 billion, revealing massive demand for Ethereum. Interestingly, the altcoin network settles fifteen times more value than PayPal daily. The Ethereum network settles $30.5 billion in value every day. 

The ETH network has witnessed a massive spike in transaction volume since a drop in transaction fees. Ethereum network fees have dropped 90% since November 2021, and the average cost per transaction is lower than $6, making the altcoin network lucrative for investors. 

The network currently has over 625,000 daily active addresses, a new all-time high for the Ethereum blockchain. A rise in daily active addresses indicates higher adoption of the altcoin among investors. 

A rise in on-chain activity, active addresses and value settled are bullish catalysts for an Ethereum price rally. Proponents believe massive demand for Ethereum could help the altcoin beat its competitors in value settled. 

Interestingly, there is an increase in monthly DEX volume and liquidity, providing Ethereum an edge over its competitors. 

Over 200,000 Bitcoins are represented on the Ethereum network in some form, a sign of the altcoin becoming an economic vacuum for assets. 

In addition to DEX and dApps on the Ethereum network, there is a spike in ETH utilization through NFTs and digital collectibles. The sale of NFTs has picked up pace, surpassing $600 million on the Ethereum network. 

Proponents and analysts await the Merge, a key milestone in the Ethereum network’s growth. The transition to Proof-of-Stake (PoS) is the final step in mass adoption and the Triple Halving narrative. In less than three months, the upgrade could be activated. 

The final upgrade would burn hundreds of millions worth of ETH, reducing the circulating supply and driving the altcoin’s price higher. 

FXStreet analysts have explored the most bullish scenario for Ethereum price’s run-up to $10,000. Analysts have identified uncollected liquidity below $1,730. If the Ethereum price crashes, it would be considered the “buy the dip” zone. 

Analysts take note of the bullish on-chain indicators on the Ethereum blockchain, significant outflows and net negative issuance of the altcoin. Ethereum price is on track to hit former BitMEX CEO Arthur Hayes’ prediction of $10,000. 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP