Ethereum is leading the crypto markets today with a surge of almost 10% taking it to a monthly high. Network metrics and fundamentals have strengthened for the world’s second-largest digital asset.
The move has taken Ethereum to its highest level for a month, but it faces heavy resistance here. Since the mid-March COVID crash, ETH prices have doubled.
There have been a number of fundamental and on-chain factors that have been bullish for network health recently, and this appears to be reflected in prices.
Earlier this week, Capital head Spencer Noon posted a number of charts and metrics in a ten stage tweet that are positive for the Ethereum network.
10 signs we're headed for a new $ETH bull market ????????
— Spencer Noon (@spencernoon) May 26, 2020
The first one is a surge in active ETH addresses which have reached a level not seen in two years.
Other analytics researchers reported that there are now 40 million ETH addresses holding some of the digital assets. This is an increase of 350% since the Ethereum price peak in early 2018.
Other bullish signals such as stablecoin issuance on Ethereum, gas usage, exchange outflows, DeFi dominance, and institutional interest have all been very positive for the asset.
Add to this current momentum and active testing of the ETH 2.0 proof-of-stake beacon chain, and the picture is looking very good for Ethereum at the moment.
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