Ethereum (ETH), the second-largest cryptocurrency in the world in terms of market capitalization, has registered a 5.5% jump in price on June 2, 2021. At the time of writing this news, the Ethereum price against the US Dollar is hovering around US$2,728 and the market capitalization was US$314 billion. This upward price movement comes at a time when multiple on-chain metrics improved. The ETH price is currently eying to move over the US$3,000 level.
Reports of Santiment, an on-chain data provider, show that the active ETH addresses are rising once again. This means that investor activity on the platform has started to increase again. The rebound is taking place after the panic selloff last week.
Ethereum’s (ETH) daily active deposit at crypto exchanges is on the decline once again. Though the number is still relatively higher than the last 6-months, this declining trend is itself an indicator of bullish price movement. However, the 36-day MVRV ratio (market-value/realized-value) indicator hasn’t moved to the negative, which means that it is still suggesting caution at this point.
The Santiment report says:
“36-day MVRV haven’t dipped into negative at all. So there’s a lot more profits to be taken by long term holders which is kind of scary. But when just examining this bull cycle, it’s fairly low, lowest since November. At the very least it can allow for more price appreciation. Even compared to previous rally.”
On multiple on-chain metrics, Ethereum has flipped Bitcoin over the last 1-month. The total adjusted on-chain volume of Ethereum has doubled but that of Bitcoin has declined on a month-on-month basis.
The revenue of Bitcoin has dropped last month to US$1.45 billion, which is a drop of -15%. In contrast, Ethereum’s miner revenue has increased to US$2.35 billion, an increase of 42.8%. This is the first time since June 2017 that the miner revenue of Ethereum has surpassed that of Bitcoin. The ETH futures volume has increased to a new all-time high of US$1.7 trillion, which is an increase of 94.7%.
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