ethereum shoots past $1k but high gas fees still a problem
The road to $3000 for Etheruem has reached a stumbling block. The price of ETH has fallen for the fifth day in a row as some investors take profits and the excitement around Coinbase’s listing begins to fade, Etheruem is currently trading at $2,289 down from its ATH of $2555.
However, despite the price dump last week, it hasn’t come back down to touch the 50-day moving average and has managed to maintain a great bullish momentum as of now.
Etheruem is seeing a lot of positive developments for the protocol which going further would help the price pump to $3000 in days to come.
Crypto Analyst and Youtuber Lark Davis, in a new video, sheds light on what’s up with the Ethereum network, and what will help trigger its bull run further.
First up is, the news of Canada approving three Etheruem ETF’s. Davis says this will make Etheruem more accessible for the investors, they could invest in it without actually holding ETH. This will give direct exposure to the asset for the investors.
While the USA still doesn’t have a Bitcoin ETF, Canada already has 4 Bitcoin ETF’s and now has 3 Etheruem ETFs too.
Coinbase Enables ETH Staking
The next catalyst to the price is, Coinbase enabling the staking of Eth 2.0. it is going to prove 6% APR which is good enough.
The analyst says, As Coinbase is a huge place for Retail Crypto investors, it is will provide more exposure to the staking of the tokens, which is very easy and accessible.
Coinbase has a wide range of users, it has got 56M customers, and has 6M monthly active users. This means huge doors are opening for Eth staking.
“We could again see from an economic perspective, potentially a million ETH mover coming just from Coinbase getting locked up in Eth 2.0 staking contracts.. that’s pretty cool to see.”
Ethereum’s Bull Market to Continue
The crypto space appeared to have recovered slightly as most of the crypto assets including Bitcoin, Ethereum, XRP rebound with decent gains. One of the crypto analysts and influencers who names himself Spencer Noon has listed 8 signs that point out towards a bull market ahead for ETH.
- Increase in Daily Active Address
Ethereum has reached close to 500k daily addresses on a 90-day MA, which has doubled in the past year.
- ETH-Most useful network in the world
Ethereum dominates the crypto space in terms of ‘fees paid’. It has outperformed Bitcoin in terms of a single day fee collection.
- High Demand for Ethereum Block space
Despite the current gas fees are very high, more than 80 billion gas is now being used on daily basis.
- More Stablecoins issued on ETH
The stablecoins issued on Ethereum have just gone parabolic since the start of the year 2020. At present more than $16 billion stablecoins have been issued on ETH.
- Growth in DeFi users
The boom in the DeFi space has led to a drastic increase in DeFi users. There are now nearly 1M DeFi users which have grown 10 times since the beginning of the year.
- Increased TVL in DeFi
The total value locked in DeFi space is now more than $14B. In fact, 5 different projects alone have TVL more than $1 billion each.
- ETH becoming an Economic Vaccum for all Assets
As many as 150k BTC worth more than $2 billion has been ported from Bitcoin to Ethereum. Hence becoming an economic vacuum for other assets initiated by Bitcoin.
- DEX compete with CEX
The DEX or decentalized exchange record nearly $20 billion daily trade volume in the last 30 days bringing the combined yearly total of $86 billion. Therefore giving a tough competition for any CEX or centralized exchanges.
Collectively, a small phase of dump or rather can be termed as a correction phase lived a short phase and most of the assets rebounded pretty well. In fact, in the coming days, all the major assets are expected not only to recover from losses but to surge to great highs.