Largest altcoin Ether (ETH) built on its recent all-time highs on Feb. 5 to climb ever closer to $2,000.
Ether price hits record $1,750
Data from Cointelegraph Markets and TradingView showed a fresh breakout occurring for ETH/USD during Friday trading.
At the time of writing, Ether was targeting $1,750 as 6.5% daily gains topped weekly returns of nearly 22%.
The move came on the back of intense trading interest in DeFi coins, many of which use the Ethereum network as their basis. DeFi produced many of the best movers on weekly timeframes.
Ether meanwhile had already seen brisk upside as anticipation built over the launch of dedicated futures from CME Group, one of the pioneering Bitcoin futures operators. Asset management giant Grayscale began buying ETH for its Ether Trust again this week after a near two-month break.
Gas fees cause headaches
While some well-known cryptocurrency figures, including Gemini exchange co-founder Tyler Winklevoss, celebrated price performance, the highs were accompanied by another record — transaction fees.
As Cointelegraph reported, gas fees on the Ethereum network became so high this week that some exchanges were forced to halt ETH withdrawals altogether.
“This is a legit crisis. Going to have to stock up on popcorn to see how Ethereum digs its way out of this,” Blockstream developer Grubles commented.
According to data from YCharts, the average ETH fee was $23.27 on Feb. 4, the latest date for which statistics were available.
While Bitcoin (BTC) meanwhile simmered below $40,000, macro conditions appeared apt to fuel fresh upside for BTC/USD. As the S&P 500 hit its own all-time highs on Friday, so the U.S. dollar currency index drop, a phenomenon which traditionally implies that Bitcoin will benefit.
“Correlation is not causation, but the trend is quite clear: #Bitcoin’s meteoric price rise (and occasional crashes) correlates closely with movements of the U.S. Dollar Index (DXY),” data analytics service Kaiko wrote about the phenomenon this week.
Ethereum Price (ETH) Inches Closer to the $4k Mark! Institutional Investors seem Bullish
Over the last 24 hours, the market has been in the green. Ethereum is up 4.04 percent, while Bitcoin is up 3.74 percent. Early on, the Ethereum cryptocurrency entered a little bullish phase, and the price of Ether appears to have breached the level of $3,800.
In the previous few days, ETH has made a significant advance, and the coin is currently approaching a test of the $4k threshold.
A several-day sluggish retreat from the barrier was visible to the $3,400 mark. A firm foundation was built earlier this week after multiple efforts to break lower.
According to popular analyst Michael van de Poppe, December is frequently the ideal time to buy altcoins.
He claims that If history repeats itself, we might see a 200 percent run on $ETH/BTC towards the ATH region from there, but first there will be a larger pullback while #Bitcoin continues to perform well.
December is often the best period to buy #altcoins.
If history repeats, we might be getting a run of 200% on $ETH/BTC towards the ATH region from there, but first a heavier correction while #Bitcoin does well. pic.twitter.com/Op0grUEq3L— Michaël van de Poppe (@CryptoMichNL) October 15, 2021
ETH Price to $4000!
Fundstrat, an independent financial research firm, has some exciting news for Ethereum fans. According to the firm’s technical research, Ethereum is on the verge of a massive bull run that will push it past previous all-time highs.
“Ethereum Looks To Be Starting To Gain On Bitcoin After A Near One-Month Period Of Underperformance Throughout September.”
The crypto’s soaring market share, according to Fundstrat, will propel it over the psychologically significant $4,000 threshold. A convincing move above $4,030 would bolster the bulls, putting the coin on track for a new all-time high of $4,950.
Crypto exchange Coinbase recorded a withdrawal of 400k Ethereum yesterday, according to on-chain data. This could be a hint of institutional investment activity, which would be good for the coin.
Approximately 400k ETH (1.5 billion at the current exchange rate) was removed from the crypto exchange Coinbase yesterday, according to a CryptoQuant report.
The fact that institutional investors are bullish on ETH could spell disaster for the cryptocurrency. If ETH is to advance to the next level, it will require a significant amount of capital, which normally means that whales such as institutional investors will be required to participate.
Ethereum Forecast October 18 — 22, 2021
Ethereum ETH/USD ends the trading week at 3847 and continues to move as part of the rise and the formation of the ”Triangle” pattern. Moving averages indicate a bullish trend for ETH/USD. Prices went up from the area between the signal lines, which indicates pressure from cryptocurrency buyers and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a price correction and a test of the support level near the area of 3055. Where can we expect a rebound and a continuation of the rise in the rate and value of Ethereum with a potential target above the level of 4755.
Cryptocurrency Ethereum Forecast October 18 — 22, 2021
An additional signal in favor of raising the ETH/USD quotes in the current trading week on October 18 — 22, 2021 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the cryptocurrency value in the current trading week will be a fall and a breakdown of the level of 2845. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes with a potential target below the level of 2235. Confirmation of the rise in the Ethereum cryptocurrency will be a breakdown of the resistance area and closing of quotes above the level of 4355 , which will indicate a breakdown of the upper border of the ”Triangle” model.
Cryptocurrency Ethereum Forecast October 18 — 22, 2021 implies an attempt to test the support area near the level of 3055. Where can we expect a rebound and continued growth of the cryptocurrency to the area above the level of 4755. An additional signal in favor of the rise in the Ethereum rate will be a test of the trend line on the relative strength. Cancellation of the growth option will be a fall and a breakdown of the area of 2845. In this case, we should expect a continuation of the decline with a target below the area of 2235.
Ethereum Towers Above Axie Infinity and Altcoin Projects, Earning $777,000,000 in Revenue in Just One Month
Ethereum’s (ETH) protocol revenue is towering over play-to-earn game Axie Infinity and other altcoin projects.
Data from Token Terminal shows that the smart contract platform’s protocol revenue in the past 30 days reached $777 million, far surpassing those of Axie Infinity ($183.6 million), non-fungible token (NFT) marketplace OpenSea ($70.1 million), decentralized margin trading platform dYdX ($49.9 million) and digital payment system Filecoin ($16.7 million).
Ethereum’s big number comes after the blockchain launched its major upgrade in preparation for ETH 2.0. Crypto exchange Kraken says that more than $1 billion worth of ETH has already been burned since the London hard fork was activated in August.
ETH’s hash rate also hit an all-time high on September 21st with miner revenue surging to as much as $70 million in early September amid rising demand for NFTs and optimism over ETH’s future.
Despite placing at a far second, Axie Infinity’s native token AXS saw a spike in price following reports that its developer, Sky Mavis, is now valued at $3 billion. The platform is on track to bring in $1 billion in revenue from in-game transactions this year.