Tyler Winklevoss, co-founder and CEO of the Gemini Exchange, pointed out that the current price of Ethereum, around $ 1,200, is 10% lower than its all-time high.
He also stated that the current value of Ethereum is cheap during the bull run. Winklevoss shared his short opinion on Ethereum on Twitter.
Besides, there are some remarkable data on Ethereum. For example, the amount of Ethereum currently held by miners is at an all-time low. The situation was evaluated by Santiment, who shared the data:
“As a new Ethereum (price level) of $ 1,153, which is a 35-month high, was set today, we’ve seen ETH miner balances currently at an all-time low (excluding the open ICO weeks in 2015). Another interesting sign for owners of the crypto asset with a 2nd market capitalization. ”
The drop in ETH miner balances shown in the chart above shows that most of the miners are selling their Ethereum bags while the digital asset is rising to $ 1k. This could mean that miners have to sell less and are on a price discovery path that can see Ethereum reach the expected $ 2,000.
Ethereum is trading in this area in a manner similar to consolidation to turn the $ 1,200 level into support. As Winklevoss points out, Ethereum is about 10%, or $ 200, away from retesting its all-time high of $ 1,432 in January 2018. If Bitcoin continues on its way to $ 50,000, the overall bullish momentum could allow Ethereum as well. By gaining value of $ 200 or more, it can successfully set a new all-time high.