Ethereum (ETH) price is all blazing guns hitting its new all-time high above $1550 surging more than 13%. As expected, the world’s second-largest cryptocurrency has finally given a breakout about its previous all-time high and has entered the price discovery mode. However, the journey has just started and as per our estimates, ETH is eyeing $1800 levels as its next target.
ETH Price Eyes $1800 Riding on GrayScale Investment
Interestingly, the ETH price rally comes just as the Grayscale Ethereum Trust (ETHE) buys ~25,000 Ethereum coins worth a massive $37.6 million, soon after resuming fresh investments. As per the data on Bybt.com, the latest purchase comes in just the last 12 hours with the ETHE total holdings surging to 2.96M ETH coins worth over $ billion.
Grayscale adds 24,796 $ETH worth $37.8 million over the past 24 hours, bringing their total ETH AUM to $4.5 billion.
— Bloqport (@Bloqport) February 2, 2021
The number of new ETH addresses continue to surge at the highest rate. As reported, new investment inflows from retail buyers have picked up the pace despite the rising gas fee. As on-chain data provider Santiment reports, Ethereum addresses continue emerging at the highest rate ever indicating a very bullish signal for the crypto.
???? #Ethereum has made a new #AllTimeHigh of ~$1,540 today and is +15% the past 24 hours! To support this, our platform indicates that new $ETH addresses are continuing to emerge at higher rates over time, generally a very bullish signal for #crypto assets. https://t.co/UXh0ops1C3 pic.twitter.com/oI5anS1bSG
— Santiment (@santimentfeed) February 2, 2021
Ethereum Miners Minting Money, Transaction Fees Surge
As the gas fee on Ethereum continues to soar higher, miners are having a great time at the moment. As on-chain data provider Glassnode reports:
“A staggering $325 million in transaction fees were paid on #Ethereum in January, almost doubling the amount of its previous record month (Sept 2020). In comparison, Bitcoin January fees were $114 million (2.8x difference)”.
At the same time, institutions are having a close eye on Ethereum (ETH) price and the latest Grayscale purchase shows that institutional ETH buying has already started. At the moment, everyone is waiting for the launch of the CME Ether Futures scheduled just within a week from now.
At the current price, Ethereum is already trading at over 100% gains year-to-date. Possibly, we can see much higher levels ahead in 2021 with institutional inflows coming in.