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Like many cryptocurrencies, Ethereum had a rough month of March after seeing the price plummet down to $86. However, there seems to be a significant positive factor for Ethereum, its network growth.
According to recent statistics from Santiment, the ETH network has experienced significant growth over the past three months despite the catastrophic price crash. It seems that new addresses are constantly being created every day which seems to suggest that adoption is still strong.
Here is a look at what $ETH's Network Growth has looked like over the past three months on a percent change basis compared to some other higher profile ERC-20 projects ( $KNC, $ZRX, $REP, $MKR). This is a key indicator of #Ethereum's long-term potential continuing to look pic.twitter.com/EqH10esDNW
— Santiment (@santimentfeed) April 5, 2020
Although unique ethereum addresses are basically increasing every day, the recent month has seen a significantly higher increase per day at an average of 110,000 addresses per day compared to 70,000 average that ETH had in January and February. Many important analysts have stated before that address growth in the crypto space is a key indicator.
Furthermore, according to Google, the interest in Ethereum has been picking up since the start of 2020 and peaked around February 15th.
Where is Ethereum Headed To Next?
Long-term fundamentals seem to be quite positive for Ethereum but this doesn’t necessarily mean the digital asset will not face any short-term hurdles.
The current trading price of ETH is $148 and in terms of Technical Analysis, the digital asset is doing quite well. The daily chart is in an uptrend and Ethereum is looking to break above the daily 26-period EMA.
A break above this crucial level could mean Ethereum heading to $200 and above as there is little to no resistance throughout that area.
Ethereum Exchange Balance Increasing
Since late 2019, $ETH exchange balances have increased by more than 21% to over 18,187,000 – which represents ~16% of #Ethereum's circulating supply.
— glassnode (@glassnode) April 4, 2020
The last time we saw levels this high was in December 2016.https://t.co/wu46QC4v3P pic.twitter.com/K2xFC8gfDj
According to Glassnode, the amount of ETH on exchanges has increased by more than 21% in 2020 noting that the last time something like this happened was back in December 2016. Historically, this seems to indicate a good long-term buying opportunity.
Obviously, we shouldn’t ignore that last time, Ethereum’s total trading volume and market, in general, were far lower and it’s unlikely for ETH to see similar accretions, however, it is still a positive factor.
Do you think we can see Ethereum break above $200 again?