Crypto Money News – Popular crypto trader and analyst Coin Bureau predicted why Ethereum (ETH) would hit $ 4,000 by the end of July.
In a new video, the pseudonym trader known as Guy started out by highlighting the huge increase in active addresses on the Ethereum network.
“Recently, Ethereum network demand has been increasing. You just need to look at the total number of active addresses in the network. As you can see, this is at an all-time high with over 580,000 addresses. ”
According to him, the growing demand for the Ethereum network is reduced to three main factors: Decentralized finance (DeFi), fixed cryptocurrencies and NFTs. All three areas, growing at exponential rates, rely heavily on Ethereum’s network more than anything else, creating a huge need for the world’s leading smart contract platform.
The trader also highlights the declining supply of Ethereum and the interesting relationship that has developed between the amount of ETH leaving the exchange and the amount locked in smart contracts.
“That’s right, it’s like they have a perfect inverse relationship. Money flowing from exchanges tends to gravitate to smart contracts. “
The claim that “Ethereum price may exceed $ 4000 in July”
The Coin Bureau notes that the growing demand and ecosystem of Ethereum, as well as the highly anticipated EIP 1159 upgrade, which aims to make the Ethereum network more cost-effective, has emerged and could potentially fuel the rise of ETH to higher levels.
Ethereum is really exciting. I see this as internet pioneers saw TCP / IP in the 1990s. However, this time, we have the opportunity to invest in a protocol with this much potential… Ethereum is well placed to capture the value built upon. And as the fuel that powers the network, ETH becomes an incredibly rare asset. As the ecosystem grows, the demand increases for ETH to power dApps (decentralized applications) and streamline transactions …
If Ethereum developers can effectively push the EIP 1559 in the London upgrade, we can easily see ETH above $ 4,000 at the end of July. “
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