The price of Ethereum woke up again, and has already reached another all-time high. At the time of this writing ETH is trading at $ 1,911.42 according to data from ProBit, accumulating a gain of 5.3% in the last 24 hours.
If you want to know where the price of the 2nd largest cryptocurrency is heading, stay and read this post.
Bullish trend is resumed
Although ETH had a 3-day retracement, it was not at all a drop with a relevant volume compared to the big rise it brings.
Yesterday we saw how a bullish candle covered a large part of those losses generated during the retracement. Today we see how the momentum is already setting new highs.
It is clear that the short-term trend is bullish, and it is now being resumed. At the moment the momentum of this trend shows no signs of exhaustion, so we could well see it spread further before a correction occurs.
In the medium / long term we also have upward trends, and although we may think that the rally is quite extended, the truth is that comparing the current bullish cycle with previous ones, we are just seeing the beginning, and this is supported by chain data such as which we review below.
Ethereum price daily chart. Source: ProBit.
Analyst indicates that this new Ethereum high is different from 2018
As I was commenting, even as we see a fairly high Ethereum price at a new high near $ 2,000, we are only just beginning to see the entry into uncharted territory.
The cycle we are witnessing is still beginning when compared to previous ones, and not only ETH will benefit from this. The past doesn’t repeat itself, but it rhymes, said Mark Twain.
And as often happens, different signs begin to appear to tell us that past behavior may resemble what we will experience.
Analyst Ki Young Ju, CEO of Crypto Quant, assures that the new high of Ethereum is not the same as that of 2018.
As the price continues to climb without brakes, there are fewer deposits and more withdrawals on all exchanges, which means less pressure to sell, and consequently warns us of higher profits.
In addition to this, we have been seeing how this rally of the ecosystem has been driven by institutional investors, which was not at all common in 2017.
In 2020 there were 3 massive outflows of ETH to cold Coinbase wallets, which Ki Young Ju speculates, they are willing to trade with institutional.
The outlook for Ethereum seems quite clear thanks to the greater buying pressure due to the growth of adoption, strong hands that monopolize the supply, and holders that cling to their belongings seeking to protect value for the long term.
All our publications are informative in nature, so in no case should they be followed as investment advice.