Ethereum has set a new ATH. In the last 24 hours, the second largest coin has climbed above $1,900. The digital asset is slowly inching closer to a much revered $2,000 price tag.
Little stands in the way of Ethereum doubling its 2017 high. After showing strong resilience at $1,800 and setting news ATH, Ethereum now looks set for a breakout. As Ethereum (ETH) price nears $2,000, it is becoming clear that doubling the 2017 high could be easier than expected.
Among the best performers in the crypto market is Ethereum. The largest altcoin has not only broken its 2017 high and is currently on price discovery, but has also set itself apart by reaching over $200B in market cap. To put into perspective, while 2nd rank ETH has a market cap of $32B at the time of press, third-placed Tether has a cap of a little over $33B. The huge gap has in recent days seen Ethereum set itself apart, much like Bitcoin seeming to detach from other altcoins.
Now having just set a new high at $1,900, bulls are looking to end the next few days above $2,000. This is a key psychological level in the bulls’ attempt to doubt the 2017 high of $1,400. Above 2,000, the coin is set to trigger FOMO (Fear of Missing Out). New investors trying to catch the rally will help drive the price up. For some time, while Bitcoin was struggling to close $50K, ETH was showing great resilience around $1,700 and $1,800, the sideways trading was an indication of massive accumulation and an imminent breakout.
📉 #Ethereum $ETH Balance on Exchanges just reached a 16-month low of 15,247,031.858 ETH
View metric:https://t.co/1dCpD2ey8E pic.twitter.com/Zp4nsgrwPT
— glassnode alerts (@glassnodealerts) February 8, 2021
Ethereum $100K ATH Case
Furthermore, it is expected that the Institutional Bitcoin buying hype will reach Ethereum. As more institutions continue to adopt Bitcoin, some will look to explore new coins, Ethereum is set to gain from this. Already, Grayscale which has been the leading institution in purchasing crypto has added around 215,222 ETH in February alone. Notably, many have been encouraging Elon Musk‘s Tesla to buy ETH but the CEO is yet to comment on it. If the same institutional interest in Bitcoin is reflected on Ethereum, its price is guaranteed to explode.
Ethreum 2.0 is also a major boost for prices. the upgrade to the Ethereum network seeks to improve on its scalability and security. In recent years, Ethereum has met steep competition as the ‘king of smart contracts.’ In response, the network is upgrading. On top of the upgrade being supported by a majority of top exchanges, some, most recently Coinbase, have launched Ethereum 2.0 staking rewards.
Price prediction on the current bull cycle has varied. One notable prediction was made by Michaël van de Poppe. The top analyst predicts that the coin will end the current cycle somewhere between $10K and $17K.
Well, I think #Ethereum goes to $10,000-17,500 in this cycle.
But then you have @Bitboy_Crypto who says it goes to $100,000.
I hope the market corrects 40% before we continue.
— Michaël van de Poppe (@CryptoMichNL) February 3, 2021
As he mentions, his is one of the conservative predictions, some think Ethereum could end up reaching $100K.
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Kiguru is a fine writer with a preference for innovation, finance, and the convergence of the two. A firm adherent to the groundbreaking capability of cryptographic forms of money and the blockchain. When not in his office, he is tuned in to Nas, Eminem, and The Beatles.
