Ether (ETH) sets new all-time high as crypto almost doubles its price in less than a month
Ether smashes the previous record set in January 2018.
Wed, 20 Jan 2021, 05:11 am UTC
Ether, the native cryptocurrency of the Ethereum platform, just set a new milestone on Tuesday. ETH, the second-largest crypto by market cap, just set a new all-time high when its price soared past the previous record set in 2018 and almost doubled its price since 2021 started.
It has been a three-year wait but Ether finally posted a new all-time high this week. ETH briefly touched $1,439.33 around 12:00 UTC on major exchanges, according to Coindesk.
ETH managed to pull off the feat when the crypto gained 15 percent on the day, Cointelegraph reported. Based on data from Coinmarketcap, Ether just traded above $730 at the start of 2021, which means that the token’s year-to-date returns almost reached 100 percent based on the new ATH.
The previous all-time high was set three years ago. Ether traded at $1,432.88 on January 13, 2018, a record that went unchallenged until this week.
However, ETH was not able to sustain its momentum and suffered a correction after setting the new ATH. At the time of writing, the crypto is trading at $1,348 based on data from Coinmarketcap.
Despite the minor correction, some investors remain bullish on Ether. In fact, there are a few predictions saying that the crypto still has the potential to smash the recently established all-time high.
For instance, Cointelegraph Markets analyst Michaël van de Poppe expects ETH to reach as high as $1,600. “#Ethereum $1,400, van de Poppe tweeted on Tuesday. “If this continues running according to Fibonacci, we might hit $1,600.”
Demand for ETH is on the rise lately raising concerns that supply might no longer be able to meet the increasing demand for the crypto. Once this happens, some believe that it might trigger Ether’s price to skyrocket.
“Exchanges could be out of $ETH within 48 hours,” Nuggets News’ Alex Saunders said. “Demand has skyrocketed. Exchange reserves fell 20% from 10M to 8M in the last few hours. With targets of $5k, $10k & $20k long term, I doubt many HODLers will sell their ETH in the $1-2k range.”
Institutional demand for Ether is expected to increase this year. “CME futures is the writing on the wall,” Ryan Watkins, an analyst at crypto data provider Messari, said. “They wouldn’t launch an $ETH product if there wasn’t any demand for it.”
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