One analyst predicts an incredibly bullish future for the leading altcoin as it struggles to regain its strength.
This altcoin will start the biggest bull run in history
According to anonymous crypto analyst Mustache, Ethereum will launch “one of the biggest bull markets” in history. Based on historical data from 2016-2017, Ethereum is poised for one of the biggest runs in crypto history, according to a tweet published Oct.
In his technical analysis, Mustache compares the price action of ETH in the period 2016-2017 from 2021 to 2022. To the analyst, Ethereum price is repeating its 16-17 moves in almost the same fashion.
Other indicators supporting the bull
The other sign of a potential rally for Ethereum is the falling supply of around 4,000 ETH in just two days. The value of a cryptocurrency usually rises when there are fewer coins in circulation. Additionally, the seven-day moving average (MA) of the number of new Ethereum addresses hit a 10-month high of 5,044,161. However, as new money began to enter the market, Ethereum’s open interest on Binance increased by 10%. With this momentum, it reached an all-time high of 1.3 million ETH.
cryptocoin.com As we reported, Ethereum’s social activity has been on the decline since the merger. Now, Ethereum has added 135,780 new ETH addresses to its network on October 8. Thus, it reached the highest number since December 7, 2021.
ETH trading volume dwindles despite growing interest
However, despite the growing interest in Ethereum, there was no significant increase in volume. In fact, the total number of transactions executed on Ethereum has seen a steep drop. After Merge, it recorded 8.46 million social volumes and 24.07 billion social interactions as of October 6.
However, a review of network growth metrics in Santiment before October revealed a sideways trend with some moderate increases. However, the growth rate was clearly on the rise and quickly reached 208,000.
The number of active addresses also turned out to be 2.5 million in a seven-day time frame. Additionally, although this statistic is not yet at its maximum, it has shown some growth.
Also, according to data provided by Messari, the market cap of the Ethereum network was $161 billion. This makes Ethereum the largest smart contract platform. Over $31 billion in Locked Total Value (TVL) was also reported. Not to forget, the network’s TVL hit $109.94 in November 2021. However, at the time of writing, TVL is down 0.15%.
That being the case, Ethereum is currently trading at $1,296.50. It has gained around 1.18% over the last 24 hours.
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