Ethereum (ETH) Hits All-Time High As Bullish Sentiments Reach Record Levels
Ether (ETH) has achieved a new milestone surpassing its all-time high of $1,450 in the early hours of today. Ethereum (ETH) has shown bullish signs, and the current market sentiments for the leading altcoin are at record levels.
Ether (ETH) Creates New All-time High
Ethereum had been trying to surpass the $1,450 mark for several failed attempts for the past few weeks. The weekend saw little changes, with a slight correction occurring, leading the altcoin towards the $1,100 support levels. However, the early hours of the day witnessed a sharp upward movement from Ether as it quickly surged past $1,300. This bullish trend continued with Ethereum experiencing a flash increase within the space of a few hours. In the process, the altcoin set a new all-time high of $1,460, according to data from CoinMarketCap.
Therefore the leading altcoin gained a jump in the value of about 20% in the space of a day. This also corresponded to a gain of around 15% in value over the past seven days for ether (ETH). At the time of publication, Ether’s price has slightly corrected and currently trading at $1,415 per unit.
Looking at the current trend, an upward movement would see ETH test its next resistance level of $1,500. If the coin successfully surpasses $1,500, it could begin its journey towards the $2000 mark. In the same vein, the next major support level for Eth is $1,000.
Market Sentiments Bullish
This new price record for ETH has been expected in recent weeks and is not entirely a surprise to the crypto space. This is because the fundamentals are pretty strong for the altcoin, and this rise could take it to new highs.
According to analytical firm IntoTheBlock, the price of ETH is based on three major factors. Firstly the adoption of the Ethereum network has been growing at a rapid rate in recent months. Secondly is the growth of the DeFi sector, which has 90% of protocols built on Ethereum. While finally, the demand faces the limited supply of Ether available in the market.
The most telling proof of this progression is the number of transactions that have skyrocketed in recent months. Demand for ETH is also catching up with available supply, according to the analysis. It will be interesting to see how the leading altcoin performs in the coming days as the first month of the year comes to an end.