Hot on the heels of Bitcoin’s record-breaking bullish rally over the past few weeks, it would seem that Ethereum, the world’s largest altcoin, is intent on breaking a few records of its own. On the back of a year that noted mixed fortunes for the altcoin’s community, ETH finally surged above the much-anticipated $1000-mark, a level it last touched back in February 2018.
At the time of writing, ETH had surged by over 10% in a matter of 12 hours.
Source: ETH/USD on TradingView
This is a big deal for the altcoin, especially since Ethereum’s $1000-breach came within hours of it breaching the $850-mark. Ergo, it is evident that the hike in ETH’s price has been perhaps as exponential as the one registered by Bitcoin, with the world’s largest cryptocurrency also knocking off one resistance level after another over the past week.
Ethereum’s price movement came on the back of quite a few developments in its ecosystem. Not only did Ethereum’s active supply 3m-6m (1d MA) fall to a 5-year low, but its hashrate skyrocketed to an ATH too.
Source: Etherscan
The former is an especially good sign since it highlights the strength of the HODLing sentiment among Ethereum’s investors and traders. On the back of Ethereum 2.0 beacon chain’s genesis block going live in early December and the Chicago Mercantile Exchange announcing Ether Futures, there is good reason to be optimistic about ETH’s near-term price movement.
At the time of writing, ETH was still some 30% off its ATH, a level it last touched back in January 2018. With Bitcoin going past its previous ATH like a freight train, many expect the altcoin to do the same too. In light of the momentum in the ETH market, coupled with rising interest and demand, one can argue that Ethereum has the best risk/reward potential in 2021. If that truly is the case, a new ATH might be on the cards.
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