{"id":135772,"date":"2020-06-08T06:00:32","date_gmt":"2020-06-08T05:00:32","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=135772"},"modified":"2020-06-08T00:11:57","modified_gmt":"2020-06-07T23:11:57","slug":"analyst-ethereums-rocketing-usage-rates-could-fuel-an-explosive-rally","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/analyst-ethereums-rocketing-usage-rates-could-fuel-an-explosive-rally\/","title":{"rendered":"Analyst: Ethereum\u2019s rocketing usage rates could fuel an explosive rally"},"content":{"rendered":"<p>Ethereum has seen a stark divergence between its technical outlook and its fundamental strength throughout the past year.<\/p>\n<p>Although the second-largest cryptocurrency by market cap has been largely underperforming Bitcoin and flashing signs of near-term weakness, it is important to note that this has not been emblematic of ETH\u2019s fundamental forte.<\/p>\n<p>One data metric that makes it incredibly clear as to just how strong the cryptocurrency truly is the skyrocketing usage rates that ETH has seen in 2020.<\/p>\n<p>It is a possibility that this will ultimately translate into positive price action, potentially helping trigger an explosive uptrend that leads it as high as $500 in the coming six to twelve months \u2013 according to one analyst.<\/p>\n<h2><strong>Ethereum lays the groundwork for immense technical strength<\/strong><\/h2>\n<p><a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a> has been closely tracking Bitcoin\u2019s price action as of late, struggling to garner any independent momentum.<\/p>\n<p>The cryptocurrency did show some signs of strength earlier this week when it rallied up to $255, but it faced some strong resistance here that has since sparked a tempered downtrend.<\/p>\n<p>At the time of writing, the cryptocurrency is trading down just over two percent at its current price of $237. Bitcoin has seen a similar decline today.<\/p>\n<p>This tempered technical weakness may not last for too much longer, however, as ETH has never been stronger from a fundamental perspective.<\/p>\n<p>Rafael Schultze-Kraft \u2013 a data scientist and the co-founder of analytics platform <a href=\"https:\/\/cryptoslate.com\/companies\/glassnode\/\">Glassnode<\/a> \u2013 <a href=\"https:\/\/twitter.com\/n3ocortex\/status\/1269373191723651075\">spoke about<\/a> the usage rates Ethereum has seen in 2020, noting that addresses with heavy transactional volume have been seeing unprecedented growth.<\/p>\n<blockquote><p>\u201cEthereum has seen a surge in usage in 2020. The number of new addresses involved in more than one ETH transfer has grown significantly this year. New daily addresses with: 3+ txs: 32k (+ 159%) &#8211; 5+ txs: 19k (+ 137%) &#8211; 10+ txs: 9k (+ 114%) &#8211; 25+ txs: 4k (+ 104%) &#8211; 50+ txs: 2k (+ 98%)\u201d<\/p><\/blockquote>\n<figure id=\"attachment_135773\" aria-describedby=\"caption-attachment-135773\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-135773\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/Glassnode-1-1024x587.jpg\" alt=\"Ethereum\" width=\"1024\" height=\"587\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/Glassnode-1-1024x587.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/Glassnode-1-300x172.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/Glassnode-1-768x440.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/Glassnode-1-1536x881.jpg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/Glassnode-1-2048x1174.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-135773\" class=\"wp-caption-text\">Image Courtesy of Rafael Schultze-Kraft (via Glassnode)<\/figcaption><\/figure>\n<h2><strong>Growing usage could boost ETH\u2019s price action<\/strong><\/h2>\n<p>Despite not translating into any bullishness in the short-term, this fundamental strength could ultimately provide ETH with a serious price boost.<\/p>\n<p>Per <a href=\"https:\/\/cryptoslate.com\/prominent-gold-bull-on-why-ethereum-breaking-300-will-catalyze-a-66-surge\/\">a previous report<\/a> from CryptoSlate, prominent gold bull <a href=\"https:\/\/cryptoslate.com\/people\/dan-tepiero\/\">Dan Tapiero<\/a> recently explained that he believes Ethereum is on the cusp of seeing an explosive uptrend towards $500 in the year ahead.<\/p>\n<blockquote><p>\u201cChart of Ethereum on verge of explosive upmove. Are there any upcoming potential catalysts? Move up through 300 projects to 500 minimum in coming 6-12 months.\u201d<\/p><\/blockquote>\n<figure id=\"attachment_135774\" aria-describedby=\"caption-attachment-135774\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-135774\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/ETh-1024x543.png\" alt=\"\" width=\"1024\" height=\"543\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/ETh-1024x543.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/ETh-300x159.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/ETh-768x407.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/ETh.png 1111w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-135774\" class=\"wp-caption-text\">Image Courtesy of Dan Tapiero<\/figcaption><\/figure>\n<p>If Ethereum is to see any type of intense parabolic rally in the months ahead, its newfound fundamental strength could help provide this movement with sustainability.<\/p>\n<p>The imminent launch of ETH 2.0 in Q3 of this year could also be an event that triggers this potential uptrend.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum has seen a stark divergence between its technical outlook and its fundamental strength throughout the past year. Although the second-largest cryptocurrency by market cap has been largely underperforming Bitcoin and flashing signs of near-term weakness, it is important to note that this has not been emblematic of ETH\u2019s fundamental forte. One data metric that [&hellip;]<\/p>\n","protected":false},"author":174,"featured_media":135795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,15323],"tags":[60923],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Analyst: Ethereum\u2019s rocketing usage rates could fuel an explosive rally<\/title>\n<meta name=\"description\" content=\"Ethereum&#039;s fundamental strength may translate into positive price action, potentially helping trigger an explosive uptrend that leads it as high as $500\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/analyst-ethereums-rocketing-usage-rates-could-fuel-an-explosive-rally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Analyst: Ethereum\u2019s rocketing usage rates could fuel an explosive rally\" \/>\n<meta property=\"og:description\" content=\"Ethereum&#039;s fundamental strength may translate into positive price action, potentially helping trigger an explosive uptrend that leads it as high as $500\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/analyst-ethereums-rocketing-usage-rates-could-fuel-an-explosive-rally\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-08T05:00:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-07T23:11:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/ethereum-moon.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cole Petersen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cole Petersen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/analyst-ethereums-rocketing-usage-rates-could-fuel-an-explosive-rally\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/analyst-ethereums-rocketing-usage-rates-could-fuel-an-explosive-rally\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#person\",\"name\":\"Cole Petersen\",\"url\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"caption\":\"Cole Petersen\"},\"jobTitle\":\"Journalist\",\"description\":\"Cole is a freelance journalist and university student studying philosophy. 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He owns a non-life-changing sum of Bitcoin and enjoys day trading.","url":"https:\/\/cryptoslate.com\/author\/cole-petersen\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/135772"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/174"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=135772"}],"version-history":[{"count":4,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/135772\/revisions"}],"predecessor-version":[{"id":135797,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/135772\/revisions\/135797"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/135795"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=135772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=135772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=135772"},{"taxonomy":"prediction_market_topic","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/prediction_market_topic?post=135772"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=135772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}