- Ethereum has generated massive demand with almost $7 billion in fees paid, liquidating more than fifteen times the value of PayPal daily.
- More than 200,000 bitcoins worth $11.2 billion have been represented on Ethereum in various forms, implying an increase in the altcoin’s inflow.
- Analysts are predicting a massive surge in Ethereum after the merger, believing that ETH is undervalued.
Ethereum price is on track to break as analysts eye a $10,000 target for the altcoin. The utility and adoption of Ethereum has accelerated over the past year, with capital inflow and on-chain activity increasing.
Analysts believe that the price of Ethereum is on its way to $10,000
Ethereal it has dwarfed its rivals with the increasing inflow of capital to its blockchain. The current run rate is almost $7 billion, which reveals a massive demand for Ethereum. Interestingly, the altcoin network liquidates fifteen times more value daily than PayPal. The Ethereum network liquidates $30.5 billion in value every day.
The ETH network has seen a massive increase in transaction volume since a drop in transaction fees. Fees on the Ethereum network are down 90% since November 2021, and the average cost per transaction is less than $6, making the altcoin network lucrative for investors.
The network currently has more than 625,000 daily active addresses, a new all-time high for the Ethereal block chain. An increase in daily active addresses indicates further adoption of the altcoin among investors.
An increase in on-chain activity, active addresses, and liquidated value are bullish catalysts for an Ethereum price rally. Proponents believe that the massive demand for Ethereum could help the altcoin outperform its competitors in terms of value set.
Interestingly, there is an increase in the monthly volume of DEX and liquiditygiving Ethereum an edge over its competitors.
More than 200,000 Bitcoins are represented on the Ethereum network in some form, a sign that the altcoin is becoming an economic vacuum for assets.
In addition to DEX and dApps in the Ethereal network, there is an increase in the use of ETH through NFTs and digital collectibles. The sale of NFTs has accelerated, surpassing $600 million on the Ethereum network.
Proponents and analysts await the Fusion, a key milestone in the growth of the Ethereum network. 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 update could go live.
The final upgrade would burn hundreds of millions of ETH, reducing the circulating supply and driving up the price of the altcoin.
FXStreet analysts have explored the most bullish scenario for Ethereum price rising to $10,000. Analysts have identified uncollected liquidity below $1,730. If the price of Ethereum drops, it would be considered the “buy the dip” zone.
Analysts take note of bullish indicators on the Ethereum blockchain, significant outflows, and net negative issuance from the altcoin. Ethereum Price Is On Track To Hit Former BitMEX CEO Arthur Hayes prediction of $10,000.