Ethereum Is Dead: Key On-Chain Metrics Bursts Myth, ETH Price Rally Ahead?

Highlights,With Ethereum (ETH) showing major underperformance with the rest of the crypto market, and the ETH/BTC pair hitting multi-year lows, there’s a common perception building up that ‘Ethereum is dead’. However, based on some on-chain metrics, market analysts have been bursting this myth while expecting an ETH price surge ahead.,As the chorus grows in the market that Solana is better than Ethereum, several market analysts have come to defend the world’s largest altcoin. As per the 10X Research report, the ETH weekly stochastic indicators show the formation of a bottom for the altcoin.,After dropping to less than 10%, this indicator is showing trend reversal again. Historically, whenever this happened, it suggests the formation of the Ethereum price bottom.,On the other hand, the daily trading volume for ETH suggests that the altcoin is nowhere close to being dead. The daily trading volume for ETH is close to $12.2 billion while that of Bitcoin is $21 billion. On the other hand, the daily trading volume of Solana (SOL) is $2.7 billion. As ETH clocks higher trading volumes than SOL, it shows that the world’s largest altcoin continues to be in demand.,Besides, Ethereum is also making higher highs and higher lows on the technical chart. Popular crypto analyst Income Sharks noted:,On the weekly chart, the ETH price is trading 7.64% down while managing to hold the support levels of $2,500. Market analysts view ETH among three potential altcoins to rally ahead this week.,Ethereum enthusiast VivekVentures points out three reasons why the altcoin will continue to rally ahead.,,