Major factors driving Ethereum price; likely to test $200

Ethereum price has been soaring high this past week, with a substantial amount of trading at the one hundred and eighty-eight dollar ($188) level.

In the current rally, Ethereum price pushed to one hundred and ninety-five dollars ($195) mark. Ethereum (ETH), the queen of cryptocurrency, has been trading in the one hundred eighty-eight dollars to one hundred and ninety-four dollars ($188 – $194) price range.

ethereum price chart - 10th october 2019Ethereum price chart by Trading View

At the time of writing, the ETH price is dangling at one hundred and ninety dollars ($190.79) mark and holding. The price movement is likely to push upwards as soon as it finds support higher than the current support levels. While certain factors indicate the pattern is following-up to Bitocin, three major Ethereum price metrics are most important.

Ethereum price factors: active addresses

Holders remain strong. IntoTheBlock has stated that there is an increase of 10% of the number of active Ethereum addresses in the past week, indicating raised market movement.

Ethereum price factors: Large daily transactions

Ethereum witnessed an increase of seventy-five Percent (75%) on large daily transactions. A clear positive metric, more and more value (up to a hundred thousand dollars), is transacted each day, displaying an increase of over seventy-five percent.

Ethereum price factors: Trading volume

In the last twenty-four hours, the total volume hit 1.12 million ETH. The rise of transactions worth more than a hundred and twelve thousand dollars in just twenty-four hours indicates the consolidation of funds and increased trading.

These positive metrics highlight the increased activity of Ethereum, but they are neither indicative of their catalyst-nature for further movements nor the idea of adoption.

It is of interest to note that Ethereum’s hard fork, namely ‘Istanbul,’ is also scheduled for release later this month.