This Is Why Ethereum Is An Ultrasound Money! ETH Price Poised For $8k In Q1 2022! Here Is How?

Author: Sohrab Khawas

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    Story Highlights
    • On-chain metrics are at their ATH, which is expected to propel Ethereum’s price above $8k.

    • Ethereum’s issuance is expected to drop by 90%, making star altcoin the perfect ultrasound money.

    Ethereum is positioned for another bull cycle after a massive bull cycle in July-August. It’s been a while since the asset is under corrective move, and it is likely to undergo another supercycle in the near future. As there has been a sort of tug war between $3,100 and $3,400, a weekly close above $3,300 is likely to trigger massive price action eventually.  

    Ethereum: The Ultrasound Money! 

    The star altcoin has been intense on the selling side over the past couple of months. However,  the asset is gaining the traction of institutional investments although it’s been trading at its historical bottoms. Recently, data from Etherscan has revealed that Three Arrows Capital has transferred 14,833 ETH worth approximately $56 million to its wallet from Binance and Coinbase.  

    One of the primary reasons for the institutional interest would be the star altcoin’s future potential. The data from Glassnode has disclosed that Ethereum’s inflation rate dipped below BTC’s inflation rate. The ETH’s founder Vitalik Buterin is optimistic of a Proof-of-Stake merge by July. The merge is expected to cut down the star altcoin’s issuance by 90%, thereby turning completely deflationary. 

    Ethereum Price Poised To Hit $8k! 

    However, as there reappears to be a spike in on-chain activity we may expect some good spikes in Q1. 

    • Ethereum addresses now hold a total worth of 68.26 million Ethereum. A similar accumulation was seen during the peak of the June-August bull cycle where the asset boomed by 50%. If buy-pressure continues to build up the same way, then $8k is inevitable. 
    • Although the gas fees are extremely high on the ETH blockchain, the number of daily ETH transactions is trending north with 1.2 million transactions each day. Interestingly, the number of transactions was at this level when the asset was under a massive bull cycle in May
    • The number of non-zero addresses has climber to a new ATH of 73,025,053 which is a positive sign. 
    • Moreover, the visionary platform is making itself ready for future adoption. Along with the merge, the platform is plausibly putting all efforts to reduce the gas fees and other scaling issues. 

    Collectively, the sharp observation of the above analytics confirms that the metrics resemble the price action in bull cycles. Hence, continuation in the accumulation would uplift the ETH price up to $8k. The Ethereum will prove to be ultrasound money in a longer time frame. Ahead of its merge to PoS, it is already gaining the traction of the larger part of institutional investments. However, in the short term, it is expected to break $3300 to reclaim regions above $4k

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