Yes, Ethereum hit a new ATH; here's what's next

: Category: Digital Currency News Archives; Created: 03 February 2021; Hits: 318

HTTP/2 200 date: Wed, 03 Feb 2021 14:05:53 GMT content-type: text/html; charset=UTF-8 set-cookie: __cfduid=de5c29bb261e7694c7d1b1a58c5c36c681612361152; expires=Fri, 05-Mar-21 14:05:52 GMT; path=/; domain=.ambcrypto.com; HttpOnly; SameSite=Lax; Secure vary: Accept-Encoding x-powered-by: PHP/7.3.7 cf-edge-cache: cache,platform=wordpress x-pingback: https://ambcrypto.com/xmlrpc.php link: ; rel="https://api.w.org/" link: ; rel="alternate"; type="application/json" link: ; rel=shortlink x-frame-options: SAMEORIGIN cf-cache-status: DYNAMIC cf-request-id: 0809cfd1bc00002a33d28b0000000001 expect-ct: max-age=604800, report-uri="https://report-uri.cloudflare.com/cdn-cgi/beacon/expect-ct" report-to: {"max_age":604800,"endpoints":[{"url":"https:\/\/a.nel.cloudflare.com\/report?s=MNiFogujBdvbLjp6hdbrGoHnegV2DMaBKakjP1Z3mT%2BgMR3CuCFO6pk71KnVbqkYBB2HqNvyP7xsRZo8D8HX6BVVawgZylb%2Fc0Z%2FpziX"}],"group":"cf-nel"} nel: {"report_to":"cf-nel","max_age":604800} server: cloudflare cf-ray: 61bcb595f9bd2a33-IAD Yes, Ethereum hit a new ATH; here's what's next - AMBCrypto

Connect with us

Source: Unsplash

Ethereum’s ^[1] price tested its resistance level for a few weeks, before hitting a new all-time high of $1,540 on the charts, based on data ^[2] from Santiment. In fact, at the time of writing, on-chain and technical analysis pointed to a short-term top ahead of the CME Futures listing.

Another positive sign observed on the charts was the implied volatility, with the same noticeably elevated ahead of the listing. While the aggregate daily volume for ETH Futures, at press time, was well below $20 billion, dropping from last week’s level, with the ETH Futures listing on CME inching closer, there may be a significant hike soon.

Source: CoinGecko ^[3]

ETH’s ^[4] price may rally further and continue its price discovery, alongside an increase in Open Interest, since the active supply has consistently dropped to a three year low. To build further on the supply shortage, the value on the ETH ^[5] 2.0 contract recently hit an ATH too.

Most of these metrics underlined a bullish turn in Ethereum’s price rally, suggesting that after hitting a new ATH, there may be discovery beyond $1,540, leading to an extended rally. With the cryptocurrency noting a 15 percent hike in 24 hours, the sentiment seemed bullish, with the crypto expected to continue the same until it hits a short-term top.

This growth may be attributed to DeFi’s explosive growth and increasing TVL,

Yes, Ethereum hit a new ATH; here's what's next

News Archives