Ethereum (ETH) Preparing For A New Bull Run?

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All eyes are on Ethereum in the crypto money market. After 3 years, ETH, the second most popular cryptocurrency by market cap, managed to break the record for the highest level of all time, and huge price predictions began to come from leading analysts.

Increasing activity in the Ethereum network and crossing the all-time high in ETH suggests that the second most popular cryptocurrency may be about to enter a new uptrend.

ATH After 3 Years

There has been a huge rise in Ethereum over the past 4-5 months. So much so that while ETH was traded in the $ 300 band in August 2020, it managed to break the all-time high record with $ 1,440 as of January 2021.

After Bitcoin managed to surpass the previous ATH level of $ 20,000, an increase of approximately 110% to the level of $ 42,000 increased expectations in ETH.

In particular, the 12.5% ​​decrease in the number of Ethereum held in exchange wallets since August 2020 is a positive sign for ETH to enter a new upward trend. On the other hand, with the implementation of phase 0 (phase 0) for Ethereum 2.0, an average of 900 validators join the network every day. More than 16,000 validators continue to wait ready to join the network.

Considering all these developments in decentralized finance (DeFi), analysts predict that a new upward trend may begin in Ethereum. Fundstrat analyst David Grider made a $ 10,500 price forecast for Ethereum in a statement today.

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