The Ethereum (ETH), is showing a strong picture, posting another 5.5% gain today. Currently, ETH price has passed $2,728 with a market cap of $314 billion. While some Blockchain metrics for Ethereum continue to improve, the cryptocurrency could make a move towards the $3,000 levels.
There are bullish metrics for Ethereum
ETH active addresses are on the rise once again, as reported by blockchain data provider Santiment. This rise means that investor activity on the platform has increased once again. The Geir rebound in price comes after last week’s panic selling. However, it is unclear how long it will last.
Daily active Ethereum (ETH) deposits on exchanges are on the decline once again. Although the figure is relatively higher compared to the last six months, the decreasing ETH supply is interpreted as a bullish indicator.
However, there is an indicator that suggests caution at this point. The 36-day MVRV rate (market cap/realized value) did not turn negative. Santiment states the following in its report on the subject:
The 36-day MVRV never went negative. So there is a lot more profit to be taken by long-term investors, which is a little scary. But when we look at this bull cycle, MVRV is pretty low, even the lowest since November. This may allow for greater price appreciation.
So BTC or ETH?
As for the most classic comparison of all time, Ethereum managed to beat Bitcoin on several Blockchain metrics last month. On a monthly basis, Bitcoin’s total adjusted blockchain volume decreased, while Ethereum nearly doubled that data.
Last month, Bitcoin miner revenue fell 15% to $1.45 billion. ETH miner revenue rose 42.8% to a record $2.35 billion. Since June 2017, Etheruem miner revenue has exceeded Bitcoin miner revenue for the first time in the past four years.
It is also noteworthy that the ETH futures volume has risen by a massive 94.7% to a new ATH of $1.7 trillion. This is interpreted as a bullish sign.