The world’s second-largest cryptocurrency Ethereum (ETH) is showing strength today registering another 5.5% gains. At press time, the ETH price has crossed $2728 with its market cap at $314 billion. This comes as several on-chain metrics continue to improve for Ethereum with ETH now eyeing a move to $3000 levels.
As on-chain data provider Santiment reports, the ETH active addresses are once again on the rise. This means that the investor activity on the platform is increasing once again. The rebound happens after last week’s panic selloff.
On the other hand, the daily active deposits of Ethereum (ETH) at exchanges are once again on a decline. Although the number is relatively higher compared to the last six months, the declining ETH supply is a bullish indicator.
However, there’s one indicator that suggests caution at this point. The 36-day MVRV ratio (market-value/realized-value) hasn’t dipped to the negative. The Santiment report states:
36-day MVRV haven’t dipped into negative at all. So there’s a lot more profits to be taken by long term holders which is kind of scary. But when just examining this bull cycle, it’s fairly low, lowest since November. At the very least it can allow for more price appreciation. Even compared to previous rally.
Ethereum vs Bitcoin
Coming to the classic all-time comparison, Ethereum has flipped Bitcoin in several on-chain metrics over the last month. On a month-on-month basis, the total adjusted on-chain volume of Bitcoin declined while that for Ethereum nearly doubled.
Last month, the Bitcoin miner revenue declined 15% to $1.45bn. At the same time, the ETH miner revenue shot 42.8% to a new ATH of $2.35bn. This was the first time in four years since June 2017 that the Etheruem miner revenue has surpassed the Bitcoin miner revenue.
Another bullish indicator for Ethereum was that the ETH futures volume surge a massive 94.7% to a new ATH of $1.7trn.