In the history of 12 years, the world’s most well-known cryptocurrency Bitcoin smashed through $34,000 for the first time. Along with many altcoins, the major altcoin Ethereum is also following the same bullish trend. ETH price surged over 25% and it even broke $1,000 against the US Dollar.
In the last 24-hours, the ETH price has skyrocketed 30% moving past $1000 levels for the first time in the last three years since January 2018. With CME Ether Futures launching next month, it seems that investors are altogether more excited about the institution wave coming ahead.
ETH Price Analysis
At Press time Ethereum is trading at $1,058.06 USD with a 24-hour trading volume of $56,228,937,516 USD. Ethereum is up 36.97% in the last 24 hours. with a market cap of $120,733,622,732 USD. It has a circulating supply of 114,108,071 ETH coins.
During early Monday’s trading ETH/USD trading pair has jumped to the highest in 35 months, receding to $955.35. Although overbought RSI conditions suggest further consolidation of prices.
The Altcoin price surged after bitcoin started consolidating. ETH price broke many important hurdles near $800 and rallied over $250 in the past 2 days. There was a clear break above $ 950 and $1,000 resistance levels. The price even spiked above $1,025.
At present, the price is still trading above the $1,000 level and it seems like the bulls are not done yet. Any more upsides could lead the price towards the $1,080 and $1,120 levels.
Ethereum Price Poised to Hit $5k
The trader states that :
If ETH is to follow in the footsteps of BTC and BTC .D starts its trend down from here on out for about 6~12 months I can see ETH hitting 5k if BTC hits 50k+. I do see a deep correction after hitting 1.4k within the next couple of weeks to come back down to test 800~900 level which would be the dip to buy.
Popular Analyst and trader with twitter handle @TheMoonCarl is also super bullish on EThereum. As per moon carl ETH price is all set to hit $5,000 in January. He also believes that Ethereum Price at $1,000 is still cheap.
Another Well-known crypto strategist and active trader with Twitter handle @crypto_birb believe that ETH price can surge up to $2000 in the month of March-April or sooner.
Ethereum Trading Volumes Surges With Haste Rate Reaching ATH
According to the reports of glassnode, the latest ETH price rally has been followed with the daily transaction volumes at just over $50 billion.
Also, the ethereum hash rate has hit All-Time-High. According to etherscan data, Currently, the average hash rate for ETH has surged out at 306,346.6018 GH/s. The ETH hash rate has been rising consistently over the previous year supported by price surges along with the rise in Defi activity in the second half of 2020.