Ether price rises to a new all-time high, why?

Ether (ETH) recently hit a new all-time high, trading at around $ 2,100. This feat was accomplished after it was climbing about 6% each day for the past 48 hours. Usually there is a party when Bitcoin is on the rise, as it is the most popular, but the truth is that now we cannot lose sight of the price of ETH, it is growing more and more.

What happened to the price of Ether (ETH) so that it could reach a new all-time high?

The second largest cryptocurrency managed to extend its winning streak for at least five days. The price has recovered 24% this week in the wake of Visa’s decision to facilitate cryptocurrency-based deals on the Ethereum network.

Weekly chart of the price of Ether (ETH), which shows that it has reached a new all-time high in a sustained upward trend.  Source: CoinDeskWeekly chart of the price of Ether (ETH), which shows that it has reached a new all-time high in a sustained upward trend.  Source: CoinDeskWeekly chart of the price of Ether (ETH), which shows that it has reached a new all-time high in a sustained uptrend. Source: CoinDesk

In an announcement Monday, the payments giant said it is working on a program to settle transactions in the stablecoin USD Coin (USDC), built on top of Ethereum with its partner Crypto.com.

Some analysts have pointed out that Ether’s daily chart shows a symmetrical triangle breakout. The pattern indicates that the multi-week consolidation has ended and the broader uptrend has resumed.

What other comments can be made on this?

Billionaire investor Mark Cuban said in a recent episode of his podcast that he is bullish on cryptocurrencies, including Bitcoin, but that Ethereum is “the closest we have to a true currency.” Cuban hosts the CNBC show “Shark Tank” and owns the Dallas Mavericks professional basketball team.

On the other hand, the options market is making big bets on Ether (ETH). According to data tweeted by the options analysis platform Genesis Volatility, traders are aggressively buying the $ 25,000 call option that expires on December 31, 2021. These options are the ones listed on Deribit, the largest options exchange. of cryptocurrencies in the world by trading volumes and open interest.

In that sense, we can expect Ether to gradually consolidate at a new high and grow from there. At least that is what is expected in the short term. The options thing is just one more proof of the optimism that exists in the Ethereum world since the Visa announcement. If more news like this comes out, we can expect a lot more boom for Ether.

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