3 key on-chain metrics suggest Ethereum price is in a 2017-style bull run

Published on by Cointele | Published on

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Price is currently ranging between $440 and $470, similar to its price action seen in December 2017.

Fast forward to 2020, and some investors believe a similar outcome may occur, as a few key on-chain and technical indicators are mirroring the levels seen in the previous bull run.

On Dec. 10, the Ether price was $450, and it took only 34 days for Ether to reach its all-time high.

Take notice of how the recent price movements raised investors' hope that the next crypto bull market will mirror the one seen in late-2017.

Although the price is an important metric, it does not provide granularity for network usage and volume.

Although Ether's price increase undoubtedly helped, the same effect happened in late 2017.

The daily average notional transacted and transferred on the Ethereum network in November 2017 stood at $830 million.

As one should expect, the number of daily active addresses back in November 2017 stood at 200,000, significantly below today's number, and managed to increase to 500,000 network addresses per day by the end of the year.

On-chain analytics might have been close enough to the current state, but price action relies heavily on volume.

The current daily active addresses, transactions/transfers notional, and traded volume are aligned with the 2017 year-end period when Ether traded near the $450 mark.