Meanwhile, over 1.2 million wallet addresses were active during the period and were using the network. As a result, Decentralized Finance (DeFi) was being built in the bear market phase. Following the setup, ETH’s price witnessed a bounce from $1,200 to the $4,800 mark, representing an over 3,300% increase.
This marks a 3x growth compared to the 2021 peak, and an absolute record high. “In 2019, everyone ignored it. Then, ETH ripped faces off for 2 years straight. The setup today is identical – just the numbers are 3X bigger,” Waidmann added. When this reprices, Waidmann has predicted a violent upward move for Ethereum.
A Record High In Transactions ProcessedEverstake noted that this substantial number of transactions processed is all taking place in a very unfavorable market climate. Should this growth continue when sentiment flips positive, it could change the course of ETH’s price, shifting it to the upside once again.
