By Sabina Muradova
On Feb 03, 2021
The leading altcoin Ethereum (ETH) reached its all-time high. The cryptocurrency broke a new record by soaring to the level of $ 1,567 in the past hours.
Ethereum surpassed $ 1,500 yesterday, setting a new all-time high and sparking excitement in the crypto community. The second-largest cryptocurrency by market capitalization has hit a new record, leaving its old peak behind. Ethereum had set its previous ATH in January, reaching $ 1470. Lately, in the early days of February, the popular altcoin saw its price breakout to a new ATH at $1,567.
After breaking the psychological resistance level of $ 1,500, many observers and cryptocurrency analysts have made estimates for Ethereum. Traders’ activity has given clear signals that the largest altcoin will be bullish in the long run. The leading altcoin is trading at around $ 1,524 at the time of writing, according to CoinMarketCap data. Given the increased activity and current price action in the market, the general belief is that the upward trend will continue.
Leading business figures such as Elon Musk, Michael Saylor, and Mark Cuban have spoken about the benefits of blockchain technology and decentralized finance (DEFI) over the past week. In a statement to the Reddit group r/Wallstreetbets and the GameStop saga, billionaire Mark Cuban said, “stocks will be on the blockchain in the future.”
Michael Sonnenshein, CEO of asset manager Grayscale, announced that after the firm ceased support in late December, Ethereum Trust opened its doors to accredited investors for the first time to allocate capital in NAV. Many investors think that the reopening of the ET will result in an increase in demand and raise the asset higher. Also, regarding Ethereum 2.0, Glassnode posted on Twitter earlier today that the total value in the ETH 2.0 Deposit Contract has reached an ATH. The leading altcoin, which aims to move to Proof-of-Stake, is taking decisive steps in this direction.
According to a veteran analyst, Aayush Jindal, a clear break above the $ 1,550 and $ 1,555 levels could set the movement for a greater gain in the upcoming sessions. The next major resistance could be the $ 1,600 level, where the bulls are likely to target a 5% -8% increase over the next 2-3 sessions.
If Ethereum fails to clear the $ 1,555 and $ 1,580 levels, it can fall into a correction. Initial support on the downside is near $ 1,520, the first major support near the $ 1,500 level.
Since the beginning of the year, Ether(ETH) has gained 70% over Bitcoin in the ETH/BTC markets. In addition to all these, the number of “ETH whales” is gradually increasing. The number of wallets with at least 10 thousand ETH reached the peak of the last 13 months at the end of January. Ether almost reached Bitcoin ($ 63 billion) on February 3 with a trading volume of $ 43 billion.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.
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