On Friday, April 2, Ethereum (ETH) price skyrocketed to its new all-time high smashing past $2000 levels. In the last 24-hours, ETH has gained another 5% moving over $2100 levels. The recent price rally in Ethereum comes amid improvements in on-chain activity.
As per the on-chain data provider Santiment, the Ethereum address activity has surged to a new 35-month high while simultaneously new ATHs. The ETH address activity has surged amid the recent rise in DeFi market over the last few months.
On the other hand, another improvement in the on-chain indicators is the constant is daily new addresses. Meaning more and more investors worldwide are getting associated with the Ethereum ecosystem every passing day. A Sanitmnet report also shows that the social volume for ETH has skyrocketed over the last 40 days. The report notes:
“The amount of Ethereum-related mentions on crypto social media has skyrocketed to a 40-day high, signaling an onrush of speculative interest in the second largest coin and growing FOMO within the community. In fact, Ethereum’s mentions (gathered from 1000+ channels) are already the highest they’ve been since its previous price top, recorded back on February 20th”.
Ethereum Supply At Exchange Declining
Also, the Ethereum deposits at the exchanges have been declining while the number of withdrawals at the exchanges has reached an all-time high.
Previous 1-month high of 1,383.845 was observed on 02 April 2021
— glassnode alerts (@glassnodealerts) April 3, 2021
As the ETH supply at exchanges continues to decline, analysts speculate that there a massive institutional interest in the crypto. CryptoQuant CEO Ki-Young Ju noted that there was a massive withdrawal of 400K ETH last week on Coinbase.
While ETH exchange supply is declining, the ETH deposits on Ethereum 2.0 have reached a new all-time high. The total value of Ethereum deposits in the ETH 2.0 deposit contract has moved past $7.6 billion.
Analysts are already predicting a much higher price target for Ethereum ahead this year. Some analysts have given a price target of $10,000 ETH by the end of this year.