Ethereum at the crux, 8 fundamentals indicate a strong bullish trend

• The director of DTC Capital presented 8 fundamentals that indicate the start of a bull market for Ethereum (ETH).
• The number of Ethereum whales, which own more than 10,000 ETH, has reached a 3-month high of 1,062.

Next week it will host one of the most important events ever for Ethereum. The start of Phase 0 of Ethereum 2.0 will take place on 1 December. The event could push ETH to new all-time highs and for now analysts are very optimistic about this and the solid fundamentals it shows.

At the time of publication, ETH is trading at $ 551 with gains of 7.74% over the past 24 hours. In the weekly and monthly charts, ETH presents gains of 0.34% and 42.51%, surpassing the gains of Bitcoin (34.71%) over the same period.

Ethereum shows its best fundamentals of the year

According to the director of the investment firm DTC Capital, Spencer Noon, there are 8 indicators which show that Ethereum has entered a bull market. The first is the number of daily active addresses for Ethereum which has doubled in one year to nearly 500,000, as shown below.

Source: https://twitter.com/spencernoon/status/1331638663466405890

Furthermore, the Ethereum blockchain has had one of its most important years in terms of commission income. Therefore, Noon ranks it as the “most useful network in the world”. As the image below shows, the Ethereum blockchain generated $ 2.9 billion in commissions on average over 7 days. Bitcoin only generated $ 1.2 billion during that time.

Source: https://twitter.com/spencernoon/status/1331638665982976000/photo/1

As the image above also shows, the fees generated on the decentralized exchange Uniswap are now about the same level as those generated by Bitcoin. In this sense, Noon also stated that on a daily average about 80 billion gases are spent on Ethereum. This figure has been on the rise since July 2017 and is currently at an all-time high.

Source: https://twitter.com/spencernoon/status/1331638667505512449/photo/1

Other important metrics are that $ 16 billion in stablecoins have been issued on Ethereum with a “parabolic rise” since the beginning of 2020, and the number of DeFi users, which hit 1 million. This is also reflected in the total frozen value (TVL) in DeFi protocols with an all-time high of $ 14 billion and nearly $ 3 billion in frozen BTC. twelve o’clock concludes:

DEXs on Ethereum have earned $ 20 billion in volume over the past 30 days, bringing their combined total to $ 86 billion this year, a sign that DEXs can compete with major centralized exchanges.

Source: https://twitter.com/spencernoon/status/1331638679723511810/photo/1

As reported by CNF, experts predict that the launch of Ethereum 2.0 will have a positive impact on the price of ETH. This could happen if a huge amount of ETH were blocked in the protocol causing a supply shock. With the growing demand for ETH from the DeFi industry and the use of blockchain on the rise, the possibility seems increasingly real. Lately indicated of Ethereum inventor Vitalik Buterin 775,232 ETH (152%) were blocked in the deposit agreement.

As a latest indicator of solid fundamentals, Glassnode recently saw an increase in the number of addresses with more than 10,000 ETH. The number of Ethereum whales, which own more than 10,000 ETH, has reached a 3-month high of 1,062. The data analysis company has found out that the number of addresses with a balance greater than zero ETH reached a new all-time high of over 50 million.