Analyst: This Altcoin Will Launch The Biggest Rally In History!

As one analyst scrambles to regain its power, the president predicts an incredibly bullish future for the altcoin.

This altcoin will start the biggest bull run in history

According to anonymous crypto analyst Moustache, Ethereum will launch “one of the biggest bull markets” in history. According to a tweet published on October 11, based on historical information from the middle of 2016-2017, Ethereum is preparing for one of the biggest runs in crypto history.

https://twitter.com/el_crypto_prof/status/157975410234550274

In his technical analysis, Mustache compares the price action of ETH in the period 2016-2017 from 2021 to 2022. To the analyst, Ethereum price is repeating its 16-17 movements in almost the same fashion.

Other bullish indicators

Another sign of a potential rally for Ethereum is the falling supply of around 4,000 ETH in just two days. The value of a cryptocurrency often rises when there are fewer coins in circulation. Additionally, the seven-day moving average (MA) of the number of new Ethereum addresses reached a 10-month high of 5,044,161. However, as new money began to enter the market, Ethereum’s open interest on Binance increased by 10%. With this momentum, it reached an all-time high of 1.3 million ETH.

Koindeks.com As we reported, Ethereum’s post-social activity declined after the merger. Now, Ethereum has added 135,780 new ETH addresses to its network on October 8. Thus, it reached the highest number since December 7, 2021.

Despite increasing interest, ETH transaction volume is declining

However, despite the growing interest in Ethereum, there was no significant increase in volume. In fact, the total number of processes executed on Ethereum has seen a steep drop. After Merge, it recorded 8.46 million social volumes and 24.07 billion social interactions as of October 6th.

However, a review of network growth metrics in Santiment before October revealed a sideways trend with some moderate increases. But the growth rate was clearly on the rise and quickly reached 208,000.

The number of active addresses also turned out to be 2.5 million in a seven-day period. In addition, although this statistic is now not at its maximum, it has grown by some measure.

Also, according to data provided by Messari, the market value of the Ethereum network was $161 billion. This makes Ethereum the largest smart contract platform. Over $31 billion in Locked Total Value (TVL) was also reported. Not to forget, the network’s TVL hit $109.94 in November 2021. However, at the time of writing, TVL is down 0.15%.

That being the case, Ethereum is currently trading at $1,296.50. It has gained around 1.18% compared to the last 24 hours.

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