Ethereum entered uncharted territory, after this morning it hit a new all-time high at $ 1,471.
At time of writing ETH is trading $ 1,406, racking up a 7.16% gain in the last 24 hours as strong hands continue to hog the deal.
While a few hours ago the price of the second largest cryptocurrency set a new record, the number of wallets with more than 10,000 Ethereum coins also jumped higher.
This buying force is putting pressure on the price, and it tells us that the bullish rally will certainly continue.
A large portion of those wallets with more than 10K ETH have a long-term vision. For them, the rise we see today is not a reason to leave immediately with profit.
The strong hands that are accumulating know the fundamentals that make this cryptocurrency show great to come, we will be talking about this later.
Short-term trend tells us that we could see a new all-time high for Ethereum in the next few hours
On the daily candle chart we see a clear short-term bullish direction. Currently a momentum of this trend is developing, and it will most likely continue for a few more hours or even days.
Still Ethereum has failed to break out of the immediate short-term resistance zone. In case we see an early regression before an effective break of the ceiling, today’s gains will be useless, but at the moment this is not the most likely.
The strong optimistic sentiment about the price of Ethereum can be quickly confirmed with an indicator, and it is the one that tells us how many ETH coins are on the exchanges.
When the ETH balance on exchanges is low, it means that investors are not thinking of dumping their coins in the short term.
Recently, as the price reached a new all-time high, this indicator plummeted along with it. This indicates that despite how tempting it may be to sell at current earnings, investors know that Ethereum still has a way to go.
This supply shortage will continue to put upward pressure, so Ethereum will undoubtedly mark a new all-time high in the near future.
There is still way to go
What we see today as a big rise is just the beginning of a long-term momentum, one that according to historical performance should last considerably longer.
Now with the price in unexplored terrain, we will begin to see impressive feats, with an upward volatility that will surprise more than one. It is impossible for us to see a straight movement towards the moon, but any pullback will be nothing more than an incentive for new purchases.
For 3 weeks, Ethereum was retreating, but with the awakening that we are seeing it seems that the bulls have already picked up enough demand.
This year for ETH it will continue to be one of growth in the fundamental area. With the launch of version 2.0 of the Ethereum network, new updates will continue to arrive throughout 2021.
There is still a long way to go in terms of improvements, and investors know it, so they have already been discounting the rise caused by the updates.
The growth of the DeFi space, ETH stacking, a more scalable and user-friendly network, plus an ecosystem totally filled with positivity, will continue to exert upward pressure for Ethereum to reach all-time high after all-time high over the next several months.
All our publications are informative in nature, so in no case should they be followed as investment advice.