September 10, 2020
By Benson Toti
Ethereum’s total transfer value of $3.08 billion surpassed Bitcoin by about $80 million.
As ETH/USD price looks to move from this past week’s choppiness, data shows that the daily transaction fee on the network has reached new highs.
Arcane Research notes that on September 9, transaction fees hit $17.5 million. The increased profitability on the Ethereum network has also pushed hashrate to new highs above 230 TH/s for the first time since July 2018.
Ethereum has also flipped Bitcoin in terms of the total transfer value. Data provided by on-chain analytics firm CoinMetrics shows that Ethereum’s adjusted transfer value (7-day moving average) hit $3.08 billion to surpass Bitcoin at $3.01 billion.
The ‘flippening’ is the first time since January 2018 when Ethereum raced to its all-time high prices. The latest surge has a lot to do with increased activity driven by decentralized finance (DeFi).
Also critical to the upsurge is the amount of Ethereum locked in the yearn.finance application yETH vault. With users looking to earn income on their locked assets, the total value put in yETH vault has surpassed 200,000 Ether.
ETH/USD is trading above $362 as of writing, about 6.7% up on the day. However, after the early September sell-off pushed prices from highs of $481, the pair still lingers nearly 19% in the red over the weekly time frame.
Bulls are aiming for a leg up, though, with analysts pointing to one critical level as important to ETH/USD.
According to the pseudonymous investor and crypto analyst Credible Crypto, Ethereum price needs to break above $386 with conviction to confirm a bullish divergence.
If the second-largest cryptocurrency by market cap moves above this resistance line on a higher time frame- say daily or weekly- it would suggest the recent downturn has been reversed, with ETH/USD likely to gunner for a leg up.
The analyst posted the chart below on Twitter after Ethereum price rallied nearly 10% to hit highs above $360. Directing his chart to his 66k+ followers, the investor posited:
“Now that $ETH has tagged $360, I will let you figure out what I expect will happen next. There is a hint or two on the chart.”
Bears remain in control as long ETH/USD trades below $384, but that then changes if bulls push for $386 with conviction. Above this level, price is likely to rebound above $400 and set up another leg towards August highs of $480.
On the downside, ETH/USD could first drop to lows around $300 before rebounding.
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