Numerous On-Chain Metrics Turn In Favor Of Ethereum – $500 Next?

[rakitzogi]

Numerous On-Chain Metrics Turn In Favor Of Ethereum – $500 Next?

Ethereum price is currently $367 after establishing a renewed uptrend on the daily chart. The smart-contracts pioneer remains rank 2 by market capitalization with $41 billion and has experienced a notable rise in trading volume since July 1.

The ETH 2.0 release has been delayed several times, diminishing the confidence of investors. However, this major and fundamental upgrade will have a huge impact on the price of Ethereum. A successful launch can be the spark of a new and bigger bull rally towards the all-time high and above.

One of the biggest issues faced by Ethereum users is the high gas cost. Back in September 2020, ETH had two major price spikes in gas. Fortunately, it seems that October has cooled off prices, dropping from a high of 500 GWEI to a 3-month low of 48.123.

One of the most bullish on-chain metrics favoring buyers is the number of addresses holding at least 10 ETH coins. According to Glassnode, this number has reached a new all-time high at 289,081 indicating that the interest in the digital asset continues growing.

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