Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Nonetheless, the fundamentals for the asset and network remain robust.
On August 11, crypto industry and DeFi analyst Miles Deutscher emphasized several of Ethereum’s positive fundamentals.
“It’s difficult not to be extremely optimistic about Ethereum,” he stated.
Strong Ethereum Fundamentals
To begin with, some of the largest corporations globally, including PayPal, have selected Ethereum for their product launches. Earlier this week, Ethereum supporter Ryan Sean Adams remarked that the network is “becoming the monetary layer of the internet.”
Worldcoin is also leveraging Ethereum and could become a significant gas consumer if the digital ID initiative gains traction.
ADVERTISEMENT
The Ethereum layer-2 ecosystem is expanding rapidly, with networks like Coinbase’s Base launching on L2. As reported by L2beat, the total value locked in the ecosystem has increased by 150% since the start of the year, reaching an all-time high of $10.5 billion.
Moreover, EIP-4844 is approaching, which will significantly lower fees on layer-2 networks.
Ethereum staking is on the rise, with nearly 20% of the total supply, or $42.5 billion worth of ETH, currently staked and securing the network.
Additionally, Ethereum’s total fee revenue surpasses that of all other protocols combined.
Related Posts
Ethereum issuance remains deflationary, with the total supply decreasing by approximately 303,000 ETH since the Merge in September 2022.
Deutscher also noted that NFT collections are transitioning to Ethereum, mentioning Degods and y00ts as examples.
Numerous layer-1 networks are reverting back to Ethereum, such as Fantom incorporating Optimism rollups and Frax launching a layer-2.
Ethereum has also been classified as a commodity by the Commodity Futures Trading Commission, although Congress has yet to officially categorize the asset.
Lastly, a number of Ethereum-based ETFs have been submitted for approval, suggesting it may only be a matter of time before they receive the green light.
ETH Price Outlook
These ten solid fundamentals should be influencing ETH prices, yet they are not currently doing so.
ETH is currently around the $1,850 mark, where it has remained for the past seven weeks, aside from a brief surge in mid-July.
The asset has mirrored Bitcoin, trading within a range-bound channel since mid-March.
A significant upward movement is anticipated when BTC eventually breaks out of its consolidation, with several factors that could trigger this.
There are numerous reasons to be optimistic about Ethereum, and an upward movement appears to be inevitable sooner or later.
SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
