Ethereum price is on track to break out as analysts eye a $10,000 target for the altcoin. The utility and adoption of Ethereum have picked up pace over the past year, with rising capital inflow and on-chain activity.
Ethereum Price will Hit $10,000 Ahead of “Merge”
Ethereum has dwarfed its rivals with the rising capital inflow to its blockchain. The current run rate is nearly $7 billion, revealing massive demand for Ethereum. Interestingly, the altcoin network settles fifteen times more value than PayPal daily. The Ethereum network settles $30.5 billion in value every day.
The ETH network has witnessed a massive spike in transaction volume since a drop in transaction fees. Ethereum network fees have dropped 90% since November 2021, and the average cost per transaction is lower than $6, making the altcoin network lucrative for investors.
The network currently has over 625,000 daily active addresses, a new all-time high for the Ethereum blockchain. A rise in daily active addresses indicates higher adoption of the altcoin among investors. A rise in on-chain activity, active addresses and value settled are bullish catalysts for an Ethereum price rally.
Proponents believe massive demand for Ethereum could help the altcoin beat its competitors in value settled. Interestingly, there is an increase in monthly DEX volume and liquidity, providing Ethereum an edge over its competitors. Over 200,000 Bitcoins are represented on the Ethereum network in some form, a sign of the altcoin becoming an economic vacuum for assets.
In addition to DEX and dApps on the Ethereum network, there is a spike in ETH utilization through NFTs and digital collectibles. The sale of NFTs has picked up pace, surpassing $600 million on the Ethereum network. Proponents and analysts await the Merge, a key milestone in the Ethereum network’s growth.
The transition to Proof-of-Stake (PoS) is the final step in mass adoption and the Triple Halving narrative. In less than three months, the upgrade could be activated. The final upgrade would burn hundreds of millions worth of ETH, reducing the circulating supply and driving the altcoin’s price higher. FXStreet analysts have explored the most bullish scenario for Ethereum price’s run-up to $10,000.
Analysts have identified uncollected liquidity below $1,730. If the Ethereum price crashes, it would be considered the “buy the dip” zone. Analysts take note of the bullish on-chain indicators on the Ethereum blockchain, significant outflows and net negative issuance of the altcoin. Ethereum price is on track to hit former BitMEX CEO Arthur Hayes’ prediction of $10,000.
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