After about 2 days of consolidation, Ethereum (ETH), the world’s second largest cryptocurrency, is now moving towards an all-time high, rising by 9% today.
At press time, the ETH price increased 9%, trading at $ 1,335, with a market cap of over $ 150 billion for the first time since January 2018.
We can say that ETH made a good start to 2021. ETH price has gained about 80% in just the first nine days since the beginning of 2021. In terms of monthly earnings, the ETH price more than doubled. This move comes on the ground of all the excitement about the launch of CME Ether Futures next month in February 2021, as well as increased corporate interest in cryptocurrency.
According to on-chain data provider Glassnode, the active supply for Ethereum continues to make new declines. In a 1-2 year period, ETH asset supply reached 15.7 million, a 3-year low.
The decline in active supply is a strong indicator of rising ETH holders in the market. Interestingly, another data from Glassnode shows that the number of addresses holding more than 10,000 ETH coins has reached a 1-year high. This means that ETH whales grow in numbers with a very heavy accumulation.
As Bitcoin consolidates around $ 40,500 levels, we can see some strong price action in Ethereum. Looking at the current rally in the cryptocurrency market, there is no obstacle for ETH to not exceed its all-time high. The crypto market generally relies on the potential of ETH. We will see if ETH will meet this trust and expectation.