Home
News
- Ethereum has achieved a new ATH record at the price level near $2100
- With the soaring price, the daily volume traded of the token also increased
- Following the factors like wider use and supply crunch, the token is indicating a bullish mood
Ethereum has gained momentum last week and has recently achieved a new all-time high at the price level of $2,143. However, at press time, the ETH tokens are trading near the price level of $2k. Over the last 24-hours, the price has slid by 3.9%, whereas over the last seven, it’s up by 18.75%. After achieving the new ATH, Santiment revealed data that showed an increment in the tokens on-chain trading volume was observed.
Ethereum tokens indicating bullish sentiments
Following the data shared by Santiment, it is observed that the on-chain tradition volume of Ethereum is increasing. Moreover, a portion of the tokens flowing out from exchanges was observed going to the DeFi sector. Also, among the portion, few tokens went to the cold wallets.
According to the NVT stats, a token’s circulation health measurement tool, ETH is in a semi-bullish zone. Notably, before the new ATH, the Weighted Social Sentiment (WSS) was at its most pessimistic level since the beginning of this year. Following all the facts, Santiment concluded that it is historically bullish for an altcoin’s price. However, the reason behind the high level of bullish mood usually precedes a price plunge and can also indicate a trend reversal. Indeed, where the crowd remains in disbelief, the indications become bullish.
ETH blockchain continued to be the most widely used network
According to the data from IntoTheBlock, the fundamentals of Ethereum are too strong, and also it supports an extension of the bull run. On Friday, the blockchain recorded six months high in its number of transactions, with a total of 1.31 million transactions. Following such fact, it is observed that Ethereum’s blockchain is one of the most widely used networks.
On the other side, the most significant factor in comprehending the bull cycle of Ethereum is the market’s ongoing supply crunch. In recent days, we observed that a large portion of the ETH tokens had entered the Ethereum 2.0 deposit contracts, where it will remain “locked up” for at least a couple of years. However, all the factors that could be decisive in this year to amplify the supply crunch and contribute to Ethereum appreciation.
