Here are the next course goals for ETH

Ethereum, the undisputed king of the altcoin market, eventually broke its previous ATH at $ 4,380 and topped the $ 4,400 mark to create a new ATH on October 29, 2021. Accordingly, many predictions are made about future price movements.

While one opinion poll Finder recently forecast ETH’s long-term price movement with a 10-year target of over $ 50,000. At this point it is important to set more realistic medium-term goals for ETH. The following article will go into this and look at the evolution of ETH before it reaches a new ATH.

TO DRAWstill missing FOMO

The ETH price action is very similar to Bitcoin in that ETH broke out of a monthly range. The Ethereum 2.0 Altair Beacon Chain update got off to a successful start as 98.7% of the nodes were updated within 24 hours. In particular, the successful upgrade from Altair to Beacon Chain is a springboard for the merger with the Ethereum mainnet and the transition to the proof-of-stake mechanism (PoS) in Ethereum 2.0.

But that’s not all, the success of Ethereum is also fueled by the use of the platform in the booming DeFi and NFT sectors. At the time of writing, the total value of ETH locked in DeFi is $ 102.61 billion. It is clear, however, that ETH’s trading volume remains below average, which is a sign of the lack of retail FOMO.

ETH 4-Hour Price Chart | Source: Tradingview

Notably, BTC is also lacking a similar retail FOMO, and while worrying, it also highlights the fact that new ATHs are not annual spikes and are more likely to grow.

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Since the HODLer has been very confident in the last few weeks, the ETH reserves on the stock exchange are at the level of 2018. At the time of writing, the indicator for all stock exchanges is 12.36%.

Percentage of foreign exchange balance | The source: Glass knot

From this it can be concluded that the selling pressure has decreased significantly, especially when ETH reached new highs. In other words, traders hope to be able to sell at a higher level than they are now. In addition, the percentage of profitable offerings from ETH will return to the ATH level after May and is 99.981% at the time of going to press. The Circulating Supply Profitable Percentage represents the percentage of coins available whose price at the time of the last move was lower than the current price.

At the same time, the transaction volume records large transactions with a large number of active addresses. In addition, the network growth index also soared, suggesting that the network is in better shape.

ETH price (green), trading volume (pink), number of addresses that are active 24 hours a day (red) | The source: Sanbase