Ethereum Price Approaches Major Bullish Rally Amid Increased On-chain Activity
Ethereum's price has risen over 2% to approximately $2,811 as the altcoin market aligns with Bitcoin's recovery. Key metrics include:
- Fully diluted valuation: $336 billion
- 24-hour trading volume: $17 billion
- Fear and greed index increased from 42% to 50%
Midterm Expectations for Ethereum Price
Technical analysis indicates a potential bull rally if Ether closes above $2,843. A drop below $2,554 could lead to a decline towards $2,200.
Renewed Interest from Investors
Recent data shows:
- $35 billion surge in transactions above $100K in the past week
- 3,711 such transactions on February 16; 5,174 on Friday
- 12.10% increase in new addresses
- Over 430K Ether units withdrawn from centralized exchanges in 30 days
Despite this, demand for spot Ether ETFs in the U.S. is low, with a net outflow of $13 million recorded recently.
Fundamental Outlook
Ethereum continues to lead in DeFi, Dapps, NFTs, and tokenization of real-world assets despite rising competition from other layer one chains like Solana. Current metrics include:
- Total value locked (TVL): over $58 billion
- Stablecoins market cap: around $122 billion
- Active addresses in the last 24 hours: 464K