• Ethereum prices have been in a state of inactivity for five months.
• Companies such as PayPal and Worldcoin have chosen Ethereum to launch their products.
• The layer-2 ecosystem is growing rapidly, with total value locked across the ecosystem reaching an all-time high of $10.5 billion.
Ethereum Prices in Languid State
Ethereum prices have been in a languid state of inactivity for five months, trading sideways with volume and volatility diminishing.
Big Companies Choosing Ethereum
Some of the world’s largest companies, such as PayPal , have chosen Ethereum to launch their products. Earlier this week, Ethereum advocate Ryan Sean Adams said the network is “becoming the money layer of the internet.” Worldcoin is also using Ethereum and could be a major gas consumer if the digital ID project takes off.
Growth of Layer-2 Ecosystem
The Ethereum layer-2 ecosystem is also growing at an accelerated pace, with networks such as Coinbase’s Base launching on L2. According to L2beat , total value locked across the ecosystem has surged 150% since the beginning of the year to an all-time high of $10.5 billion. Additionally, EIP-4844 is on the horizon, which will substantially reduce transaction fees on ETH 2.0 when it launches later this year or early next year.
Bullish Fundamentals for ETH
Crypto industry and DeFi analyst Miles Deutscher highlighted some of Ethereum’s bullish fundamentals earlier this week: “It’s hard not to be ridiculously bullish on Ethereum.“ He noted that some of the world’s largest companies are choosing to launch on ETH, along with strong growth seen in its layer-two ecosystem and upcoming upgrades like EIP-4844 reducing transaction fees when it launches later this year or early next year.
With big companies choosing to use ETH and its layer two ecosystems showing strong growth amidst upcoming upgrades, there are plenty of reasons why crypto analysts are bullish about Etherum despite languid price action over recent months