Ethereum price continued its recovery and moved above a key Fibonacci Retracement level as key network metrics soared. The ETH token rose to $3,240, up 23% from its November low.
Ethereum Top Metrics are Soaring
Ethereum price continued its rally as key network metrics gained momentum. Data compiled by Artemis shows that its stablecoin growth accelerated, with the supply reaching over $171 billion.
The number of stablecoin addresses in the network soared by 84% to 5.3 million, while the adjusted transaction volume jumped to $940 billion. Ethereum network handled over $8 trillion in volume last quarter, making it the biggest chain by far.
More data show that Ethereum has continued to grow in the real-world asset (RWA) tokenization industry, where its total value locked has soared to over $12.5 billion, giving it a large market share in an industry with over $19.2 billion in assets. One of the biggest milestones was the recent launch of JPMorgan’s first on-chain fund in the network.
Ethereum price has become a major player in the Decentralized Finance (DeFi) industry, with over $150 billion in assets under management, giving it a market dominance of 75%. This is important because the number of layer-1 and layer-2 chains has continued to grow. They include popular networks like Solana, BSC Chain, Base, Arbitrum, and Tron.
READ MORE: Top Reasons Behind the Crypto Market Rally Today
Meanwhile, American investors have continued to accumulate assets this month. It added over $250 million in inflows this month, a big reversal after it shed over $616 million in December and $1.42 billion in November.
Ethereum’s futures open interest has continued to rise after crashing over the past few months. It rose to a high of $42 billion, up sharply from a low of $32 billion in November last year.
Meanwhile, Ethereum is set to continue improving in the coming years. It has already implemented the Fusaka upgrade, and the developers will implement the Glamsterdam and Hegota upgrades this year.
Analysts believe the ETH price may continue to soar in the coming years. For example, Tom Lee believes the coin will continue to soar over time, which explains why BitMine continued its accumulation last week. The company has added over 417,000 coins in the previous 30 days, bringing the total value of its holdings to $13.4 billion.
Ethereum Price Prediction: Technical Analysis
The daily timeframe chart shows that the ETH price has rebounded over the past few weeks, reaching a high of $3,200, above the 50% Fibonacci Retracement level.
The token formed a triple-bottom pattern at $2,765 and a neckline at $3,475, its highest point on December 10. It has moved above the 50-day Exponential Moving Average (EMA).
Therefore, the coin will likely continue rising as bulls target the key resistance level at $3,475. A move above that level will signal more gains, potentially to the psychological $4,000 level.
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