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Other healthy fundamental metrics are the bitcoin balance on exchanges, which has fallen to 2.3 million BTC — a multi-month low. Trending exchange outflows is historically indicative of long-term accumulation, as traders moving bitcoin off exchanges do not intend to sell. In the same timeframe, the Bitcoin network hashrate has been on a steady rise since the China mining shakeup earlier this year. There is growing excitement about the use of Ethereum in so-called decentralized finance, or DeFi, applications. These are blockchain-based financial services, such as lending, which could in theory bypass banks and brokerages. As mid-Q3 unfolds, a vigorous rebound could set the stage for an enduring upward trend. Sustaining its climb, Ethereums price trajectory could culminate in a strong late-year bull run, potentially breaching its current all-time high. Consequently, the year’s closure could position Ethereums price between approximately $6500 and $7200, showcasing the crypto’s promising journey through 2024. |
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