Ethereum Setting a New ATH Depends on a Stable Bitcoin. Summing it up, the fundamentals surrounding Ethereum point towards a bullish future for ETH. However, Ethereum’s ability to break its all-time high of $1,432 relies solely on a stable Bitcoin.
If BTC experiences sideways or gradual movement in either direction, ETH could very much retest or post a new all-time high in the days to follow.
Conversely, Bitcoin losing value will ultimately result in Ethereum losing the $1k support as seen yesterday when ETH set a local low of $910 – Binance rate. Such a scenario would postpone Ethereum breaking or setting a new all-time high.
All Ethereum Metrics at an All-time High
The bullishness surrounding Ethereum is also reflected via its on-chain activity.
To begin with, Ethereum’s 30-day average daily trading volume has reached a new all-time high of $23 billion. This is according to data from the team at The Tie who shared it via the following chart.
Secondly, and as Ethereum crossed the $1,300 price ceiling, the ETH hash rate reached all-time high values as explained by the team at Coinmetrics via the following statement.
…despite the rapid price action, fundamentals still look strong. Amidst the price volatility Bitcoin and Ethereum hash rate are both at all-time highs. This signals that network security is healthy, and that miners continue to support both networks.
- Ethereum whales holding at least 10k ETH have increased by 4.2% in 2 weeks
- Such accumulation is a reflection of their bullish sentiment on Ethereum
- Ethereum’s 30-day trade volume has reached a new all-time high of $32B
- ETH’s hash rate is also at an all-time high
- Ethereum has since regained the $1k support zone in a bid to set a new all-time high
The number of Ethereum whales holding at least $10k ETH has increased by 4.2% in a span of two weeks. This is according to data from the team at Santiment feed who highlighted that there are now 1,220 Ethereum whales holding at least 10k ETH up from 1,171 in the aforementioned time period. Furthermore, the accumulation by Ethereum whales is a reflection of their bullish sentiment on the digital asset.
The team at Santiment shared their observation via the following statement and accompanying chart demonstrating the increment of Ethereum whales.
Are Ethereum‘s whales exiting their positions in droves now with many assuming the top is in? The answer is a resounding NO. The number of addresses with at least 10,000 ETH held has jumped from 1,171 to now 1,220 in the past 2 weeks, a +4.2% rise.