Reasons Why ETH Price Will Hit $10,000 Before “Merge”2 min read
Although the price of ETH is far from its all-time high, analysts point out that its value is on track to surpass $10,000.
As the trader pointed out, Ekta Mourya, ETH’s usefulness and adoption has accelerated over the past year, with increased capital flow and on-chain activity.
In this regard, she pointed out 7 reasons that will make ETH reach new highs as ETH outperformed its rivals with the increasing flow of capital to its blockchain. The current rate is nearly $7 billion, revealing a huge demand for ETH.
Firstly, the analyst highlighted that the ETH blockchain settles 15 times more value than PayPal on a daily basis. There are more than US$ 30.5 billion settled daily.
Another factor pointed out by her is the drop in transaction fees, which have dropped 90% since November 2021. In addition, the average cost per transaction is less than US$ 6, making the network more profitable.
Furthermore, she pointed out that the network has more than 625,000 active addresses daily, a new all-time high for the ETH blockchain.
“An increase in daily active addresses indicates greater altcoin adoption among investors,” she said.
Reasons Why ETH Price Will Hit $10,000
Another factor pointed out by her was the increase in activity in the chain, in active addresses and in liquidated value. As the analyst pointed out, these are bullish catalysts for an ETH price rally.
“Interestingly, there is an increase in DEX volume and monthly liquidity, giving ETH an edge over its competitors.”
Furthermore, Mourya highlighted that over 200,000 BTC are represented on the ETH network in some form, a sign that the altcoin becomes an important “economic hub” for various assets.
The trader also highlighted that there is also an increase in the use of ETH through NFTs. The sale of these tokens accelerated, surpassing $600 million on the ETH network.
Finally, of course, “Merge” could not be missing, an important milestone in the growth of the ETH network.
“The transition to Proof-of-Stake (PoS) is the final step in the mass adoption and storytelling of Triple Halving. In less than three months, the update can be activated. The final upgrade would burn hundreds of millions of ETH, reducing circulating supply and driving up the altcoin price.”