After tanking all the way to $1300 levels on Sunday, February 28, Ethereum (ETH) has registered a good pull-back to $1450 levels. At press time, Ethereum (ETH) is trading at a price of $1446 with a market cap of $166 billion.
As per the recent technical indicators, Ethereum has set itself on the journey to $2000. While the interest in Bitcoin has been a bit subdued, the Ethereum on-chain metrics suggest a bullish outlook ahead, as per the on-chain data provider Santiment. The Bitmex perpetual contract funding rate data currently shows that the leveraged longs for Ethereum are still above average bullishness.
???? Prices for #Bitcoin and #Ethereum historically move the direction opposite of crowd expectation. Our #Bitmex perpetual contract funding rate data currently indicates leveraged longs are back to neutral for $BTC and still above avg. bullishness for $ETH. https://t.co/Apfu8y1icS pic.twitter.com/rI3cB6okRq
— Santiment (@santimentfeed) March 1, 2021
On the other hand, the total value in the Ethereum 2.0 Deposit Contracts continues to surge further and has now moved above 3 million.
Ethereum Total Value in the ETH 2.0 Deposit Contract at an ATH. pic.twitter.com/PVyrMqiidE
— Documenting Ethereum ???? (@DocumentEther) February 27, 2021
Ethereum Miner Revenue Tanks Along With Avg. Transaction Fee
Another good news for Ethereum (ETH) investors is that the average transaction fee for Ethereum has seen a major drop recently. As per the chart on BitInfo, the average transaction fee spiked to an all-time high of $38 last week but has now dropped to $11 as of Sunday, February 28. On-chain data provider Santiment notes:
“A welcome sight for those who transact with #Ethereum-based assets: average fees have come back to earth after being at an #ATH $37.60 per transaction Monday. As $ETH ranged below $1,500 the past few days, avg. fees have returned to a reasonable $11.69″.
As per the recent data from Glassnode, the Ethereum miner revenue has also tanked to 1-month low.
Previous 1-month low of $1,101,810.09 was observed on 28 February 2021
— glassnode alerts (@glassnodealerts) March 1, 2021
On the other hand, institutional purchases for Ethereum have remained strong during the last month of February. In the last 30 days, the Grayscale Ethereum Trust (ETHE) has purchased 239,769 ETH coins worth nearly $356 million. Also, the CME Ether Futures has registered record volumes during the same time after going live on February 8. This shows that the institutional interest in Ethereum remains high.