Ethereum finally managed to overcome the $215 price mark and broke $220. After holding at this level for a while, it began falling, as per CoinMarketCap, and is now trading at $218.39.
While the price is going up and down, as usual, the recent analytical report from Glassnode says that the amount of active ETH wallets has surged to a new high for the past half year.
'ETH on the path to head for $300 and higher'
Analyst Michael van de Poppe stated in a recent tweet that after reaching the $220 level, the second biggest cryptocurrency, Ethereum, will likely continue its upward movement to $300 and even higher.
Crypto Michael (as the analyst is known on Twitter) is basing his current analysis both on fundamentals and technical factors and has offered a link to his video, in which he explains his take.
Among the biggest fundamental factors for potential ETH growth he suggests the fact that more and more ETH has been locked in DeFi and that altcoins are raising their heads since ‘the momentum and volatility are slowly draining away from the Bitcoin hype.
Ethereum breaks the $215 level and the path is open towards $300 or more.— Crypto Michaël (@CryptoMichNL) May 29, 2020
Checkout this video: https://t.co/snzpyrRYlc
Full explanation on why I’m bullish on $ETH and expectations on the cryptocurrency! #ETHEREUM #CRYPTO
On his Twitter page, crypto trader ‘The Crypto Dog’ has also drawn public attention to the ETH growth currently underway.
Number of active ETH addresses soars
Glassnode has reported that the number of wallets on which ETH transactions have been actively occurring has surged to a new 6-month high.
At the time of writing, the number of these ETH wallets totals 22,668.958.
? #Ethereum $ETH Number of Active Addresses (1d MA) just reached a 6-month high of 22,668.958— glassnode alerts (@glassnodealerts) May 29, 2020
Previous 6-month high of 22,636.250 was observed on 22 March 2020
View metric:https://t.co/opii7ZItGm pic.twitter.com/psWbQebVAn
Apart from that, Glassnode has also shared data about an increase in ETH outflow from crypto exchanges over the past twenty-four hours.
It is almost forty-three percent higher than the previous figure of 11,064.713 ETH.
? #Ethereum $ETH Exchange Outflow (2d MA) increased significantly in the last 24 hours.— glassnode alerts (@glassnodealerts) May 29, 2020
Current value is 15,814.315 ETH (up 42.9% from 11,064.713 ETH)
View metric:https://t.co/lqn3weFDaD pic.twitter.com/sU9Br20oh0
This could be a sign of investors deciding to hold their coins long term rather than trading them or risking losing them in a security breach. A popular saying in the crypto community goes, ‘not your keys, not your crypto’.