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3 key on-chain metrics suggest Ethereum price is in a 2017-style bull run

Published 11/16/2020, 04:53 PM
Updated 11/16/2020, 07:00 PM
3 key on-chain metrics suggest Ethereum price is in a 2017-style bull run

Ether (ETH) price is currently ranging between $440 and $470, which is similar to the price action seen in December 2017. Back then, the scenario ended up being incredibly bullish, and the altcoin quickly rocketed toward $1,400.

Fast forward to 2020, and some investors believe a similar outcome may occur as a few key on-chain and technical indicators are mirroring the levels seen in the previous bull run.

Ether in Dec 2017 (left) vs Nov 2020 (right). Source: TradingView
Ether daily average transactions (left) vs ETH price. Source: Digital Assets Data
Daily average transactions and transfers notional. Source: CoinMetrics
Ether daily active addresses (right) and Ether price (left). Source: Digital Assets Data
Ether daily active addresses. Source: CoinMetrics
Ether average daily volume. Source: Messari
Ether daily transparent volume. Source: Messari

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