ETH Hits 30-Month Price High, 8 Signs Ethereum Has Entered a New Bull Market
On November 26, Ethereum is currently retreating sharply from its previous and 30-month peak of $620. But even after dropping around $100 today to around $520, ETH is still up more than 300% since the beginning of the year.
The long-awaited genesis block of the beacon chain has been timed to launch, which is phase 0 of the long-awaited "Serenity" ETH 2.0 upgrade. This news is undoubtedly a powerful driving force behind the price of ETH, but it is not ether The only advantage of the workshop.
In addition to the benefits of ETH2.0 that deserve attention, multiple dimensions of on-chain data indicators indicate that Ethereum has a strong upward momentum and is even in a new bull market.
On November 26th, Spencer Noon of DTC Capital tweeted out some key charts to show 8 signs that we have entered a new Ethereum bull market.
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Source: CoinMetrics.io
2) In terms of fees paid, the Ethereum blockchain dwarfs everything in the cryptocurrency space (including Bitcoin), ranking first in both the network payment fees for the past 1 and 7 days. This clearly shows that Ethereum is the most useful network in the world.
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Source: Etherscan.io
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Source: CoinMetrics.io
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Image credit: Richard Chen
Despite the many contenders and "killers" that have emerged this year, Ethereum remains the foundation of the entire ecosystem.
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Source: DeFi Pulse
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Source: Dune Analytics
In addition, the influence of DEX cannot be ignored.
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Source: Dune Analytics
In addition to the above 8 data indicators, the recent market attention of Ethereum has also reached a new high, pointing to bullishness.
According to CryptoPotato, as the mainstream media and the masses began to pay attention, the social sentiment and search volume of Ethereum also reached the highest level since the beginning of 2018.
According to the analysis of the cryptocurrency data analysis platform LunarCrush, the social participation of Ethereum has increased steadily recently.
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Global searches for "Ethereum" Source: Google Trends
The latest pullback, seen on Nov. 26, could see a drop below $500, but it will undoubtedly provide a buying zone for ETH, which has a long way to go.
