Santiment stated that ETH's daily active address total reached 592,000 on Wednesday, the highest figure since March 18.

   “Ethereum’s address activity set a record this week, with 592k addresses on Wednesday, the highest number of unique interactions in over a month.”

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Discussion of Ethereum on social media this week also hit a two-month high, according to the analytics firm. ETH is currently trading at $2,953 after hitting a weekly high of $3,167.64 on Thursday. The leading smart contract platform is down 2.8 percent last week and 2.3 percent in the last 30 days.

Lucas Outumuro, head of research at blockchain research firm IntoTheBlock, said in a new blog post that ETH had net outflows worth nearly $800 million last week.

According to the analytics firm, the metric is calculated by subtracting net inflows from net outflows over a seven-day period. According to Outumuro, stock market breakouts could signal a stage of accumulation. The crypto researcher also says that Ethereum recorded about $97.3 million in transaction fees, a 14 percent drop from the previous week. Outumuro explains that fee totals track “spend and usage demand.”

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Bloomberg analyst Jamie Coutts believes that according to the discounted cash flow model, the ETH price could reach $6,100 levels. The analyst states that Ethereum has “a unique mix of equity, commodity and monetary features.”

The discounted cash flow model is a tool companies use to determine the attractiveness of investment and business opportunities. The model requires an estimate of all future cash flows for the investment over a given period of time. Coutts is also optimistic about the execution layer and the consensus layer “Merge”. This system allows users to stake their ETH and earn income from it. An astonishing 30 percent of Ethereum transaction fees will be distributed to stakers.

Therefore, the increased demand for ETH will lead to higher fees and higher payouts. Based on its current performance, the Ethereum network is poised to generate $12.7 billion in fees in 2022. Ryan Allis, another market analyst who runs a cryptocurrency hedge fund, believes ETH market valuations are worth $832 billion based on the discounted cash flow model. He states that Ethereum transaction fees in January 2022 exceeded $1.3 billion.