Ethereum on track for eighth consecutive quarter of positive growth as institutional adoption increases

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2021-11-03 16:29 (UTC+8)

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If Ethereum can maintain its current trajectory, it is on track to post an eighth consecutive quarter of positive growth.

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If Ethereum can maintain its current trajectory, it is on track to post an eighth consecutive quarter of positive growth.

Author: Mary Liu

Image source: Bitui Terminal, IntoTheBlock, Twitter, Glassnode

After completing the Altair hard fork upgrade last Wednesday, Ethereum broke through the $4,600 mark today. As of press time, it continued to rise, with a 24-hour increase of more than 5%. According to the push terminal data, since trading at a low of $2,780 on September 29, Ethereum has risen by 62.54% in more than a month, and stood at $4,400 on October 28. The bulls are unstoppable.

Achieved positive growth for the eighth consecutive quarter

Coinbase International tweeted that if Ethereum can maintain its current trajectory, it is on track for its eighth consecutive quarter of positive growth.

The chart below shows that the price trend of Ethereum in 2017 is extremely similar to the current price trend. From November to December 2017, the price of Ethereum hovered in the price range of $300-$400, and then started a skyrocketing trend, reaching above $1,350 in early 2018. Therefore, if we follow the historical trend, we may see a stronger upward momentum of ETH at the end of this year.

ETH holders profit

Another catalyst for ETH moving forward could be increased institutional adoption. Currently, the vast majority of open interest in futures markets and investment-grade products revolves around Bitcoin. With ETH micro futures set to launch on CME on Dec. 6, and many analysts expecting to see the approval of an ethereum futures ETF in the coming months, a flood of money could be pouring in.

IntoTheBlock data shows that the percentage of ETH holders in a state of profit is hovering near all-time highs near 100%, and it turns out that buying ETH has never disappointed investors since the initial token offering in 2014.

Analyst expects "again breakout soon"

Options trader and anonymous Twitter user John Wick issued a warning to traders as he hinted that another Ethereum breakout was imminent.

Glassnode on-chain data shows that 28% of Ethereum supply is locked in smart contracts, exchange balances are about 12% (and trending down), and addresses holding at least one ETH are growing strongly. Willy Woo, a well-known on-chain analyst, said: "While BTC is accumulating strength for ATH at high speed, ETH is quietly building stronger on-chain fundamentals, but this has not yet been reflected in the price."

This article is from Bitpush.News, reproduced with authorization.

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