Ethereum (ETH) Shoots Another 5.5% Today As Several On-Chain Metrics Improve

Published June 2, 2021 | Updated June 2, 2021

In Brief
  • The ETH exchange supply has once again resumed the declining trend suggesting that bulls are slowly tracking control.
  • For the first time since June 2017, the ETH miner revenue has surpassed the BTC miner revenue.

Ethereum (ETH) Shoots Another 5.5% Today As Several On-Chain Metrics Improve

  • The ETH exchange supply has once again resumed the declining trend suggesting that bulls are slowly tracking control.
  • For the first time since June 2017, the ETH miner revenue has surpassed the BTC miner revenue.

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.

Courtesy: Santiment

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.

Courtesy: The Block

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.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Bhushan Akolkar 544 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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