fbpx

Ethereum Hits New All-Time High, Signals the Return of Crypto Bulls

  • The second-biggest digital asset, Ethereum, has risen to a new all-time high
  • Ether, the native token of the Ethereum network trades as much as $1,689
  • The Ether bull run has spread throughout the crypto market, with all the top 10 assets in the green

Ether, the native token of the Ethereum network has risen to as much as $1,689 today. The ETH token had created a new ATH of $1,637 yesterday, February 3rd, 2021. However, with the bulls still in control of the market, the Ether rushed past its latest ATH to set another.

Current Status of Ethereum

The bulls still look in control of the second-largest crypto. Over the last 24 hours, Ethereum has risen by more than 8 percent and currently trades at $1,670, not far off from its new ATH. Its market cap is now valued at $191 billion.

Breaking above the $1,400 level which Kiana Danial, CEO of Invest Diva, refers to as a “key psychological level” has been the key to Ether’s new rise. Since breaking above that level, Ethereum has been able to maintain a bullish momentum in the past two days.

Danial explained:

The current all-time-high level is around $1,650. Based on Fibonacci retracement levels tracing the most recent uptrend that started at the end of December 2020, the key psychological support levels are at $1,400, $1,229, and $1,100 respectively.

Trading above $1,600 means that Ethereum has amassed gains of more than 1,700 percent in the last 12 months. In March 2020, an ETH token traded less than $100.

On the Flipside

  • Crypto pump and dumps are aiming small amid speculative traders
  • Following the GameStop frenzy, there have been calls from Twitter for traders to buy coins XRP, ETH, and CAT

The Bulls are Back in Control

Ether has sparked a bullish outbreak that the whole crypto market has caught up with. All the cryptos in the top 10 ranked by market cap are showing signs of recovery after a market dip at the end of January.

Bitcoin is up for the third consecutive day. BTC has risen from around $32,000 to over $38,000 as at the time of this writing – more than 20 percent price rise in the last 72 hours.

In the last 24 hours, Polkadot has shown the most gains. The digital asset has risen by more than 21 percent and now trades at $20. In this Polkadot has also reached a new all-time high of $21.52. The token now holds a market cap of $19 billion.

With Ether at an all-time high, and the Chicago Mercantile Exchange (CME)’s new ether futures contract ready to launch later this month, many believe that the announcement will push even more institutional investors into the Ether ecosystem which would be similar to what Bitcoin enjoyed in 2020.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Rate This Article
In order to improve, we give you the opportunity to rate DailyCoin content
Author

DailyCoin is an online media outlet, with a focus to cover blockchain and crypto news, opinions, trends and helpful articles. We focus on delivering fast and objective news about cryptocurrencies and crypto markets with a swirl of passion. Our dedicated and motivated global team is here to deliver the highest quality content. If you want to collaborate with DailyCoin and become our contibutor, please contact us at [email protected]