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The world’s second-largest cryptocurrency Ethereum (ETH) has been testing investors’ patience for quite a while! After hitting its new all-time high above $1450, ETH has been largely consolidating between $1350-$1400 levels.
Interestingly, this consolidation can lead to a major breakout above the all-time high very soon. The ETH graph at this stage exactly resembles BTC price movement below $20,000 levels in December 2020. Well, it suggests that ETH is poised for a solid breakout and possibly we can see ETH price literally doubling from the current levels.
#Bitcoin struggled to break the 20K ATH for 3 weeks, then doubled in price in a brief period.
Doesn’t #Ethereum look similar? If so, we should expect fireworks next week. ???????? pic.twitter.com/lIMdbHMbz5
— The Moon ???? (@TheMoonCarl) January 30, 2021
At press time, ETH is trading at $1345 with a market cap of $154 billion. Even at this stage, ETH is trading at over 80% premium year-to-date. Besides, there are two major catalysts that can trigger institutional participation for Ethereum (ETH) in the coming weeks.
- CME Ether Futures launching within a week’s time
- The launch of Ethereum funds y Galaxy Digital in the next two weeks.
Also, the recent growth of the crypto DeFi market is positive news for ETH investors. Another interesting fact is that ETH is all set to register its highest monthly close ever.
$ETH is about to have its highest monthly close EVER.
February and beyond is going to be one hell of a ride for altcoins.
The chart speaks for itself. pic.twitter.com/1lBEoD96p2
— Simon Dedic (@scoinaldo) January 31, 2021
Improving On-Chain Fundamentals for Etheruem
Ethereum’s recent price rally hasn’t been just an investor frenzy but is rather backed with improving on-chain metrics and fundamentals. Popular Ethereum analyst Anthony Sassano notes:
“7.2 million $ETH is locked in DeFi. 2.8 million $ETH is locked in eth2. This means that 10 million $ETH (8.8% of the current supply) is being put to work to power the Ethereum ecosystem. That’s $13.4 billion at current prices”.
On the other hand, the Glassnode data suggests that a large number of ETH has been moving off the exchanges in recent times. It means the ETH liquidity at the exchanges is reducing as most ETH is either moving to cold storage or as deposits to Ethereum 2.0. As per Glassnode, the total number of non-zero ETH addresses has hit an all-time high.
???? #Ethereum $ETH Number of Non-Zero Addresses just reached an ATH of 53,138,824
View metric:https://t.co/beS1MtIgAZ pic.twitter.com/wqQau4MWHf
— glassnode alerts (@glassnodealerts) January 31, 2021
Similarly, the total number of ETH addresses in profit has also hit an all-time high.
???? #Ethereum $ETH Number of Addresses in Profit (7d MA) just reached an ATH of 52,471,986.030
View metric:https://t.co/9t2b8JZ83s pic.twitter.com/IZN0Tae0JR
— glassnode alerts (@glassnodealerts) January 31, 2021
While signing off we would finally like to wish the Ethereum co-founder a very happy birthday and our heartfelt thanks for getting such a wonderful tech to this world.
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