Ethereum’s $1,800 is the Level to Watch During ETH’s Weekly Close. Concerning price action, Ethereum has just set a new all-time high of $2,042 – Binance rate.
This new milestone was achieved yesterday, February 20th, as Bitcoin also set a new all-time high of $57,717. However, both digital assets have since experienced a pullback that has resulted in ETH momentarily dropping to the $1,800 support zone before bouncing back to its current price of $1,928.
To note is that the weekly close is only a few hours away and Ethereum’s $1,800 will be an area of importance for ETH to maintain its bullishness throughout the rest of the month.
However, fundamentally, Ethereum has several bullish reasons to keep thriving as shall be outlined below.
- Grayscale is continually accumulating Ethereum with 223,161 ETH ($430 million) purchased in the last 30 days
- Ethereum has continued to gain popularity as demonstrated by Gene Simmons announcing he had purchased $300k worth back in October 2020
- Volume and open interest of the CME Ethereum futures have continued to grow since their launch earlier this month
- ETH 2.0 staking is ongoing with 3.174 million Ethereum ($6.168 Billion) locked in the deposit contract
- Ethereum’s supply last active 2 – 3 years ago has hit 16.884 million ETH
- This amount is a 9-month high for Ethereum and 14.7% of its circulating supply
- Ethereum recently broke the $2k price ceiling and set a new all-time high of $,2,042 – Binance rate
- The weekly close is a few hours away and Ethereum will be battling to retain its bullishness above $1,800
The amount of Ethereum last active two to three years ago has just hit a 9-month high of 16,884,718 ETH. This is according to data from the team at Glassnode shared via the following tweet.
📈 #Ethereum $ETH Amount of Supply Last Active 2y-3y (1d MA) just reached a 9-month high of 16,884,718.919 ETH
View metric:https://t.co/i1QXUN8Vx0 pic.twitter.com/GaqJFJO1di
— glassnode alerts (@glassnodealerts) February 21, 2021
14.7% of ETH’s Circulating Supply has Been Dormant for 2 – 3 Yrs
This amount of Ethereum that has laid dormant for two to three years is roughly 14.7% of the total circulating supply of 114.759 million ETH. Furthermore, the dormant Ethereum is valued at $32.553 Billion using ETH’s current value of $1,928.
Such an amount of Ethereum not having moved for such a long time is proof that ETH investors are particularly bullish about the long-term future of the digital asset and the corresponding network.