On Friday, April 2, Ethereum (ETH) price reached an all-time high above $ 2000 levels. In the last 24 hours, ETH has gained 5% more, moving above the $ 2100 levels.
The latest price rally in Ethereum came amid developments in on-chain activity.
According to on-chain data provider Santiment, Ethereum address activity reached a new 35-month high while new ATHs rose as well. ETH address activity has already been increasing with the rise in the DeFi market for the past few months.
On the other hand, another improvement in on-chain indicators is related to the daily new addresses that are fixed. More and more investors around the world are associated with the Ethereum ecosystem every day. A Santiment report also shows that ETH’s social volume has risen in the past 40 days. The following expressions were used in the report:
“The amount of mentions about Ethereum in crypto social media has reached the highest level in 40 days, indicating increased speculative interest in the second largest coin and growing FOMO within the community.”
Also, as the supply of ETH on exchanges continues to decline, analysts feel there is great institutional interest for crypto. CryptoQuant CEO Ki-Young Ju noted that there was a massive withdrawal of 400,000 ETH on Coinbase last week.
Analysts think this year is a much higher price target for Ethereum. Some analysts have set a price target of $ 10,000 by the end of this year.