Ethereum’s First Quarter Report Shows Gains, What’s In Q2?

• Ethereum (ETH) exhibited robust growth during the first quarter of 2024 with revenue nearly doubling quarter-on-quarter (QoQ).
• The decline in ETH exchange reserves suggests reduced selling pressure, while favorable indicators like the Funding Rate.

During the first quarter of 2024, the crypto market witnessed strong growth with significant rallies in leading cryptocurrencies such as Ethereum (ETH) and Bitcoin (BTC). Alongside price movements, Ethereum also displayed promising signs of revenue growth. Coin98 Analytics, a data analytics platform, recently shared Ethereum’s Q1 report, highlighting various aspects of the blockchain’s performance.

In terms of income, Ethereum saw notable growth during the first quarter. Both its fees and revenue nearly doubled quarter-on-quarter (QoQ), while earnings tripled QoQ. Additionally, the total number of ETH holders surpassed 114.69 million, reflecting a growth of over 5% QoQ. Boosted by the bullish rally in Q1, ETH’s circulating market capitalization surged by 48%, exceeding 350 billion.

Another noteworthy statistic is Ethereum’s P/F ratio, indicating the asset’s valuation relative to its earnings. A decrease in this metric typically suggests undervaluation. ETH’s P/F ratio declined by over 34%, signaling a bullish sentiment.

#Ethereum Q1 2024 Financial Report

In the first quarter of 2024, most income statement metrics show positive growth signs:

– Fees & Revenue increased nearly 1.8 times QoQ
– Earnings tripled QoQ#ETH $ETH pic.twitter.com/9BpI0KEmhu

— Coin98 Analytics (@Coin98Analytics) April 3, 2024

Since the beginning of the year, Ethereum has shown good growth and is up nearly 40% so far in 2024. Last month in March, the Ethereum blockchain also underwent its most important Dencun upgrade that majorly reduces Layer 2 transaction costs, per the Crypto News Flash report. As a result, there’s been a strong surge in the transaction activity taking place on L2 platforms.

Ethereum (ETH) Price Action Ahead in Q2

Off lately, the Ethereum price has been under selling pressure slipping all the way down to $3,000. The world’s second-largest cryptocurrency has found it difficult to surge past $3,500 and begin the rally on the upside.

In the latest market developments, the ETHBTC cross is currently undergoing a crucial test of a significant support level subsequent to its decline below the 0.05 mark. Notably, substantial selling activity in ETH calls has exerted considerable downward pressure on both volatility levels and the price of Ethereum.

With approximately 270,000 ETH options set to expire, market observers are closely monitoring the Put Call Ratio, which stands at 0.38. Additionally, the Maxpain point is identified at $3,400, with the total notional value of these options estimated at a substantial $890 million. These figures underscore the high stakes involved in the current options landscape for Ethereum.

According to recent data from CryptoQuant, Ethereum (ETH) has witnessed a decline in its exchange reserve, signaling a decrease in selling pressure on the token. This development has sparked optimism among investors regarding the cryptocurrency’s performance.

Further bolstering this positive sentiment is the derivatives market outlook, which appears promising. ETH’s Funding Rate is currently in the green, indicating that traders with long positions are prevailing and are willing to compensate those with short positions.

Additionally, Ethereum’s Taker Buy Sell Ratio has also taken on a green hue, suggesting that buying sentiment is prevailing in the derivatives market. These indicators collectively reflect a bullish sentiment surrounding Ethereum’s trajectory in the near term.

Another major development scheduled within the Ethereum ecosystem for Q2 includes the possible launch of spot Ethereu ETFs. As per the Crypto News Flash report, the SEC has recently sought public comments over ETF filings from BlackRock, Fidelity, etc.