A crypto analyst believes an Ethereum rally is now forming based on a variety of market conditions, signals, and trends.
Real Vision analyst Jamie Coutts believes that Ethereum (ETH) could be on the verge of a substantial price rally, based on several prevailing market conditions.
Coutts has stated on the social media platform X that there is growing momentum in the cryptocurrency market, which could indicate that the Ethereum smart contract platform is poised to experience a significant price surge in the near future.
The crypto analyst says ETH will require significant momentum before surging.
“While the conditions for a rally are forming, Ethereum will struggle to rally without a resurgence in activity.
Fees are at four-year lows.
On the positive side:
- Layer-2 (L2) adoption has been strong, with DAUs (daily active users) +200% in the past year.
- Global liquidity is turning higher.
- Stablecoin supply increasing, nearing ATHs (all-time highs)
- RWA (real-world asset) tokenization is up 70% to $11.3 billion year-to-date.
On the negative side:
- Some forward cashflow estimates are likely adjusting to lower fee expectations and a growing realization that L2 value accrual is at the expense of the L1 (layer-1) long term.”
Ethereum (ETH) is currently trading at 2,775 at the time of this publication.
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Also Read: Kamala Harris Is Now Proposing Raising Crypto Tax to 28%
Other Crypto News Today
75% of Bitcoin (BTC) has now been held for more than 6 months according to fresh on-chain data that has been released.
A recent analysis of Bitcoin’s blockchain activity reveals that a significant portion of the cryptocurrency, roughly three-quarters, has remained untouched for at least six months.
This data, gathered by the blockchain analytics platform Glassnode, indicates that a large amount of Bitcoin is being held long-term, suggesting a strong belief in the asset’s future value.
This trend is particularly noteworthy given the recent price decline of Bitcoin, which has fallen by 21% from its all-time high.
Just a week ago, only about 45% of Bitcoin was inactive for at least six months, showing a rapid increase in long-term holding.
This suggests that despite recent price fluctuations, many Bitcoin holders remain confident in the asset’s long-term potential.
The fact that a large portion of Bitcoin hasn’t moved in months suggests that many investors are treating it as a long-term investment, holding onto it with the expectation that its value will rise in the future.
This “hodling” behavior also has the effect of reducing the amount of Bitcoin available for trading.
With less Bitcoin available and demand remaining high, the price of Bitcoin could potentially increase.
Experts had recently touched on Bitcoin’s major drop, but the cryptocurrency has now recovered since it’s monthly lower levels.
At the time of this publication, Bitcoin (BTC) is trading at 59,036.50.
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Also Read: Here Is What Experts Are Now Saying About Bitcoin’s Plunge
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